Centagenetix Inc and Elixir Pharmaceuticals Inc announced that the two companies will merge to create the world's premier company developing pharmaceutical products that address the diseases of aging. The all-stock transaction is a merger of equals and will be followed immediately by a round of financing led by MPM Capital L.P., ARCH Venture Partners, and Oxford Bioscience Partners. The lead investors, along with other current investors, have committed in excess of $17 million to the first closing which will occur later this month. Further financial terms and timing for the additional closing were not disclosed.
Elixir has developed a comprehensive technology platform based on the biology and molecular genetics of aging in laboratory organisms. Centagenetix has successfully conducted population association studies to identify patterns of genes and gene variants unique to individuals blessed with extreme longevity and vitality. These platforms have been used by the individual companies to successfully identify multiple drugable targets. Combined, the two platforms will enable faster and more efficient pharmaceutical product development across a broad range of disease indications.
"The synergies inherent in this merger will allow us to develop superior drugs for conventional disease indications, and to create a new category of pharmaceuticals that address the broad spectrum of diseases that accompany aging," said Elixir's President and CEO Edward Cannon, who will lead the new company under the name Elixir Pharmaceuticals.
"Our initial investment in Centagenetix was based in part on our commitment to the development of products that promote disease resistance and enhance our quality of life as we age," said Ansbert K. Gadicke of MPM Capital, who serves on the Centagenetix Board of Directors and will become Chairman of the new company. "Combining these two companies brings us much closer to achieving those goals."
"The technology platform of this new company is one of the most exciting that we have seen in years. Their work is changing our understanding of major diseases such as type-II diabetes, obesity, cardiovascular disease, and other major illnesses that limit the quality of life as we age," said Robert Nelsen, Managing Director of ARCH Venture Partners. Jonathan Fleming, Managing Partner of Oxford Biosciences Partners added, "This merger enables the new company to achieve validation of its novel targets within the earliest possible timeframe."