Establishes Ignis Therapeutics Jointly with 6 Dimension Capital
SK Biopharmaceuticals has established Ignis Therapeutics, a central nervous system (CNS) pharmaceutical company, with 6 Dimension Capital (6D), a global investment company based in Shanghai.
SK Biopharm has acquired a 44.9 percent stake in Ignis Therapeutics by transferring the sales rights in China of six CNS new drug pipelines, including Cenobamate sold in the United States and Europe, to the new company for US$150 million. It will receive US$20 million in down payment, US$15 million in stage-by-stage milestones, and royalties.
The two companies also attracted US$180 million from investors to establish Ignis Therapeutics. This is the largest Series A investment conducted in the Chinese pharmaceutical industry in 2021. Goldman Sachs, WTT Investment, HBM Healthcare Investment, Mubadala, and KB Investment and others participated in the funding.
SK Biopharm plans to build a platform for developing and commercializing new drugs in China through this cooperation. The two companies appointed Eileen Long, a former general manager of CNS business at Sanofi's Chinese branch, as CEO of Ignis Therapeutics.