BridgeBio Pharma LLC (Palo Alto, Calif.) launched Fortify Therapeutics Inc. on Monday with $20 million and an exclusive license to compounds from NeuroVive Pharmaceutical AB (SSE:NVP; OTCQX:NEVPF) to treat Leber’s hereditary optic neuropathy.
Fortify will develop compounds derived from NeuroVive's NVP015 succinate prodrug program for localized treatment of LHON. Fortify has exclusive rights to the compounds, which were selected for properties that make them suitable for delivery to the eye. The partners said the total value of the deal is about $60 million, including research funding and potential milestones and single-digit royalties. BridgeBio declined to provide financial terms.
NeuroVive is developing NVP015 to treat mitochondrial disorders.
BridgeBio in-licenses preclinical and clinical stage assets from academia and pharma and houses them in individual subsidiaries (see "Orphan Opportunity").
Fortify marks at least the third subsidiary launched by BridgeBio since June 11. Last week, BridgeBio formed CoA Therapeutics Inc. to develop small molecules that increase coenzyme A levels to treat rare genetic disorders. It also launched Origin Biosciences Inc., which gained exclusive, global rights to ALXN1101 from Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) (see “BridgeBio Launches Rare Genetic Disorder Subsidiary”).