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Astellas, Drais collaborate to develop ulcerative colitis candidate

Astellas Pharma and Drais Pharmaceuticals have partnered to develop and commercialize a melanocortin receptor agonist for the potential treatment of ulcerative colitis through Telsar Pharma.

Under the agreement, Astellas will transfer all rights and assets related to ASP3291, whose Phase IIa study is currently being initiated, to Telsar, a virtual company that will be operated by the Drais executive team.

Telsar is responsible for development, manufacturing and commercialization activities and their associated costs.

Astellas is eligible to receive an upfront payment and royalties on future sales of ASP3291 and also has the right of first negotiation for future partnering activities related to the compound and the right of first refusal for the Japanese market.

Telsar will use the funds raised by InterWest Partners and Sutter Hill Ventures and Astellas Venture Management to advance the development of ASP3291.

Astellas president and CEO Yoshihiko Hatanaka said, "This new strategy enables us to move our promising compounds forward without any disruption in the development process. Additionally, this new approach allows us to optimize costs and control risks while accessing outside capital and expertise."