附近上门

, a venture-backed biopharma company, is being acquired by Zogenix Inc. for $250 million, the companies 聽and as reported by.

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Founded in 2016, Oakland, Calif.-based Modis had raised over the course of its lifetime in just one round that took place in October 2018 Series A co-led by and .

With a market cap of $1.85 billion, publicly-traded Zogenix describes itself as a 鈥済lobal pharmaceutical company developing rare disease therapies.鈥� Modis, meanwhile, has a similar focus. The startup develops novel therapies for 鈥渞are genetic diseases with high unmet medical need.鈥�

The biopharma space is not for the faint of heart. With long cycles, it can take many years for drugs to go through clinical trials with only the possibility of approval. So, Zogenix taking a $250 million bet on Modis at such an early stage is notable.

Modis鈥檚 lead product candidate, MT1621, is in late-stage development for the treatment of Thymidine Kinase 2 deficiency (TK2d), an inherited mitochondrial DNA depletion disorder that predominantly affects children and is often fatal.

In a press release, Zogenix said the clinical data on the candidate is thus far 鈥渃ompelling鈥� with the potential for 鈥渁n accelerated regulatory path in both the U.S. and Europe.鈥�

Interestingly, investors don鈥檛 seem particularly excited by the news. Shares of Zogenix by nearly 13 percent to $43.53 at one point this morning.

In July 2018, 附近上门 News Reporter Joanna Glasner wrote about how exits in the biotech sector tend to be more low-key than other exits but not any less impressive. Since then, we鈥檝e covered a number of large deals in the space, including Swiss biopharmaceutical company raising $200 million last November, bringing its to $7 billion, among others.

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