May 17, 2019
Takeda Pharmaceutical Company Limited (“Takeda”) and Frazier Healthcare Partners (“Frazier”) have announced a collaboration to launch Phathom Pharmaceuticals, a biopharmaceutical company focused on the development and commercialization of novel treatments for gastrointestinal (GI) diseases and disorders. Takeda has granted a license to Phathom for the development and exclusive commercialization rights to vonoprazan in the United States, Europe and Canada in exchange for upfront cash and equity, as well as future cash milestones and royalties on net sales. In connection with the license, Phathom has completed a US$90 million crossover financing and US$50 million debt facility.
Latham & Watkins LLP represented Phathom Pharmaceuticals in the transaction. San Diego partner Cheston Larson advised on venture financing matters; San Diego/Silicon Valley partner Chris Hazuka advised on licensing matters; and San Francisco partner Haim Zaltzman advised on the debt financing matters.