Takeda Licenses Global Rights to Outpost for Novel Clinical Stage Compound for the Potential Treatment of Stress Urinary Incontinence
Frazier Leads $41 Million Series A Financing Joined by Adams Street Partners, Novo A/S, and Vivo Capital
Osaka, Japan, March 15, 2016, and Menlo Park, Calif., March 14, 2016 – Takeda Pharmaceutical Company Limited (TSE: 4502) and Frazier Healthcare Partners today announced the formation of Outpost Medicine, a biopharmaceutical company focused on the development of new treatments of urologic and gynecologic diseases and disorders.
In exchange for undisclosed financial terms, Takeda has granted an exclusive license to Outpost for the worldwide development and commercialization rights to OP-233 (formerly TAK-233), a clinical-stage product candidate being studied for the treatment of stress urinary incontinence.
“With Takeda strengthening its focus around the core therapeutic areas of oncology, gastroenterology and central nervous system diseases, it is important that we seek alternatives to further develop and create value around promising assets that lay outside these areas of focus,” said Andrew Plump, M.D., Ph.D., Chief Medical and Scientific Officer of Takeda. “The formation of Outpost represents an innovative partnership arrangement to further advance one such asset in hopes of bringing a new treatment to patients in need.”
“We are very pleased to partner with Takeda in the creation of Outpost Medicine,” said Tachi Yamada, M.D., Chairman and co-founder of Outpost and Venture Partner with Frazier Healthcare Partners. “Stress urinary incontinence is an often debilitating condition with a major impact on quality of life for those who suffer from it. It is also very common with more than 18 million adults afflicted in the U.S. alone. Despite the enormity of the unmet medical need, there are no pharmacologic agents approved in the U.S. to treat stress urinary incontinence, and drugs for other forms of incontinence like overactive bladder are ineffective for this condition.”
“We believe OP-233 is an exceptional asset around which to form Outpost Medicine,” said David Socks, interim Chief Executive Officer and co-founder of Outpost and Venture Partner with Frazier Healthcare Partners. “With leadership from a world-class team and support from a premier group of life science venture investors, we believe Outpost has the essential elements to create a leading company developing therapeutics in urology and gynecology.”
In connection with the license, Outpost has completed a $41 million financing led by Frazier Healthcare Partners and including Adams Street Partners, Novo A/S, and Vivo Capital. Joining Tachi Yamada and David Socks on the Outpost board of directors are Dan Estes, Ph.D., Principal of Frazier Healthcare Partners, Terry Gould, Partner and Head of Direct Investments of Adams Street Partners, Peter Bisgaard, Senior Partner of Novo Ventures (US) Inc., and Chen Yu, M.D., Managing Partner of Vivo Capital.