United States-based Avalon Ventures has signed a contract with United Kingdom-based GlaxoSmithKline for the acquisition of Sitari Pharmaceuticals by GSK, it was reported yesterday.
Jay Lichter, PhD, CEO of Sitari, president and CEO of COI, and managing director of Avalon Ventures, said, 'Our collaboration with GSK has been overwhelmingly positive as we were able to rapidly launch a series of new companies based on promising scientific research, and we successfully advanced five programs into preclinical studies for a variety of unmet medical needs. Sitari's preclinical program has the potential to become a medicine to help millions of patients with celiac disease, and we are excited that GSK, a leader in developing innovative medicines, will be advancing the program.'
Sitari has been developing a novel treatment for celiac disease and was formed under the GSK-Avalon venture collaboration in 2013. Financial terms were not revealed.
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