European life science venture firm EMBL Ventures said on Wednesday that Boehringer Ingelheim has exercised its option to acquire ViraTherapeutics for a total purchase price of EUR210m under a prior collaboration and option agreement.
ViraTherapeutics is reportedly a portfolio company of EMBL Ventures and the Boehringer Ingelheim Venture Fund (BIVF).
Following closing, ViraTherapeutics will operate in Innsbruck as a distinct unit of Boehringer Ingelheim's Discovery Research organisation, maintaining its innovative biotech heritage and close connections to the Medical University of Innsbruck and the regional scientific community.
ViraTherapeutics sale marks third exit from EMBL Ventures' current fund ETF II. ViraT was funded by EMBL Ventures, the Boehringer Ingelheim Venture Fund (BIVF).
In conjunction, EMBL Ventures' interest in ViraTherapeutics focuses on the unique properties of its oncolytic (cancer-destroying) virus-based immunotherapy VSV-GP - a Vesicular Stomatitis Virus (VSV) with a modified glycoprotein (GP) - currently in advanced pre-clinical development for the treatment of solid tumours.
Austrian based ViraTherapeutics GmbH (ViraT) is a privately held biopharmaceutical company developing promising innovative virus-based immunotherapeutics for the treatment of cancer. The company currently has 19 employees. It won the international life science business plan competition Best of Biotech 2012 and was awarded the second prize in the Science4Life venture cup 2013.
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