Intercept Lands $315M Asian Pact for Liver Disease Drug

Japan's Dainippon Sumitomo is slapping down $15 million and promising up to $300 million more in milestones in exchange for the rights to Intercept Pharmaceuticals' late-stage liver disease drug in China and Japan. Dainippon Sumitomo will also pay double-digit royalties following a prospective approval for INT-747, which will be studied in an upcoming European and U.S. late-stage program for primary biliary cirrhosis.

A little over a year ago the privately-owned Intercept, which has research facilities in Italy, garnered $25 million from a Series B funded by Genextra. INT-747, an FX