Orchid Chemicals inks antibiotics development pact with Europe’s Allecra Therapeutics
18 Apr 2013
Orchid Chemicals & Pharmaceuticals today entered into a strategic pact with European biopharmaceutical company Allecra Therapeutics to develop novel antibiotics to combat multi-drug resistant bacterial infections.
Allecra was formed in 2013 in France and Germany, as a strategic partnership between Orchid Chemicals, the founders - including Allecra's CEO Nicholas Benedict - and the two lead investors.
Commenting on the partnership, Orchid Pharma chairman and managing director, K Raghavendra Rao, said, "We have always believed in building collaborative business models to achieving our vision. This strategic partnership with Allecra is yet another demonstration of how we can create value by harnessing the relative strengths of each company.''
Chennai-based Orchid Pharma said that as part of its investment into Allecra, Orchid has passed on its intellectual property related to an antibiotic discovery program which will then be pursued through further trials by Allecra.
Under the terms of the Agreement, together with shareholding, Orchid will also be paid an unspecified upfront sum and is eligible to receive further royalties and exit bonuses based on Allecra's progress.
Allecra has raised €15 million Series A financing from funds co-led by Edmond de Rothschild Investment Partners, Forbion Capital Partners and EMBL Ventures.