The news: Chinook Therapeutics on Tuesday announced the formation of SanReno Therapeutics, which will advance therapies for kidney disease in China, Hong Kong, Macau, Taiwan and Singapore. SanReno is a 50/50 joint venture of Chinook and an investor syndicate led by Frazier Healthcare Partners and Pivotal bioVenture Partners China.
The pipeline: Chinook is developing therapies for rare, severe chronic kidney disorders. Its lead experimental drug is atrasenten, being tested in phase 3 studies for IgA nephropathy and other conditions. The publicly traded biotech is also evaluating a monoclonal antibody, BION-1301, in a phase 1/2 trial for IgA nephropathy, and is developing other agents.
The deal: SanReno will have exclusive rights to develop and commercialize atrasentan and BION-1301 in the regions. In return, Chinook will have 50% ownership in SanReno, and will also be entitled to milestone payments and royalties. The investor syndicate has invested $40 million in exchange for the other 50% of ownership in SanReno, which will be based in Shanghai. A CEO and CMO for SanReno have been hired but not announced, and the venture will have a more formal launch in early 2022. The new deal comes on the heels of a public offering in November that reeled in $183.5 million for Chinook.
The quote: “Chronic kidney disease is a major public health concern in China, affecting over ten percent of the population, including several million patients with IgA nephropathy. Working with SanReno will expand Chinook’s access to Chinese patient populations, key opinion leader networks and on-the-ground operational support,” said said Eric Dobmeier, president and CEO of Chinook, in a statement. Chinook has locations in Vancouver, B.C., Seattle and Berkeley, and about 50 of the biotech’s 135 employees are in the Seattle area.
The backers: Other partners in the investor syndicate include existing Chinook investors Versant Ventures and Samsara BioCapital.
