Pharmaceutical giant Allergan Plc has acquired Akarna Therapeutics Inc. for $50 million.
Akarna, which has dual headquarters in San Diego and the U.K., is a biopharma developing drugs for inflammatory and fibriotic diseases.
Allergan obtains rights to AKN-083, Akarna’s lead product candidate for the potential treatment of non-alcoholic steatohepatitis (NASH) and other liver diseases.
Under the terms of the deal, Allergan acquired Akarna for an upfront cash payment of $50 million and success-based development, regulatory and sales milestones.
Akarna’s backers included Forbion Capital Partners, New Science Ventures LLC and Third Point Ventures.
“Akarna is one of our most recent investments in the portfolio of FCF III, the fund we closed in April of this year,” said Marco Boorsma, partner at Forbion and responsible for the deal. “This rapid exit is a testimony to our ability to select the most promising young companies in ‘hot’ areas like NASH.”