Foley Hoag Advises Lead Investor in $75 Million Oversubscribed Financing for Ultragenyx Pharmaceutical Inc.
December 20, 2012
Foley Hoag LLP represented Adage Capital Partners, L.P. as lead investor in a $75 million Series B round financing of Ultragenyx Pharmaceutical Inc., a biotechnology company focused on the development of treatments for rare and ultra-rare genetic disorders. Joining Adage as new investors in this financing are mutual funds and separate account clients advised by T. Rowe Price Associates, Inc., Jennison Associates LLC (on behalf of clients), funds and accounts under management by subsidiaries of BlackRock, Inc., Sanofi-Genzyme BioVentures, Shire plc and additional blue chip public market funds. Existing investors TPG Biotech, Fidelity Biosciences, HealthCap and Pappas Ventures also participated in the transaction.
Ultragenyx plans to use the proceeds from the financing primarily to advance development of the company’s lead clinical-stage programs, UX001 and UX003, and other undisclosed programs. UX001 is a potential substrate replacement therapy for hereditary inclusion body myopathy currently being investigated in a fully enrolled, randomized placebo-controlled Phase 2 clinical study with results anticipated in 2013. UX003 is a recombinant enzyme replacement therapy intended for the treatment of mucopolysaccharidosis type 7 (MPS 7), which will enter a Phase 1/2 clinical study in MPS 7 patients in 2013. The company intends to continue to expand its pipeline through the potential in-licensing of additional products.
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