Finland-based Biotie Therapies will receive an investment of more than €92M from Baupost group. However, the investment is conditional and linked to the result of the appointment of a new board member expected for the 26th of May.
Seth Klarman’s billionaire Baupost group will back Biotie on its way to develop tozadenant, its lead product candidate. The financing will support the phase III of the drug, a potential Parkinson treatment. The product has a unique mechanism of action and, if successful, could represent the first new treatment modality for this disease in more than 20 years. Tozadenant is a potent and selective inhibitor of the adenosine 2a (A2a) receptor that may also have utility in other CNS (Central Nervous System) disorders.
The €92M is no big investment for a giant such as Baupost, although Klarman will wait until the Annual General Meeting of Biotie, to confirm he has an inside man in the company.
The neurodegenerative-focused company, which is also preparing an IPO listing on the Nasdaq for 2016,