AstraZeneca's (LON: AZN) global biologics research and development arm, MedImmune, is spinning out six molecules from its early-stage inflammation and autoimmunity programmes into an independent biotech company called Viela Bio, the company announced on Wednesday.
Viela Bio will focus on the development of medicines for severe autoimmune diseases by targeting the underlying causes of each disease.
MedImmune will provide the company with three clinical and three pre-clinical potential medicines. This will include inebilizumab which is currently in Phase II trial development for the treatment of neuromyelitis optica. This rare condition affects the optic nerve and spinal cord in around five in 100,000 people. The US Food and Drug Administration (FDA) granted the drug Orphan Drug Designation in 2016, and the European Medicines Agency (EMA) granted the designation in 2017.
The new biotech company will receive funding of up to USD250m from a consortium of investors led by Boyu Capital, 6 Dimensions Capital, and Hillhouse Capital. AstraZeneca will be the largest minority stakeholder.
Anifrolumab, which is in late-stage Phase III development by AstraZeneca, will not be included in the transaction. The drug is being developed as a treatment for lupus.
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