Sudbury Pharma Firm In Joint Venture
LipimetiX Inc. of Sudbury, a privately held pharmaceutical company, has entered into a joint agreement with an Arizona firm to develop a class of drugs aimed at lowering blood cholesterol levels, the companies announced.
Capstone Therapeutics of Tempe, Ariz., and LipimetiX will develop a family of drugs called Apo E mimetic peptides, which are licensed from The UAB Research Foundation, part of the University of Alabama at Birmingham. The work will be performed under a joint venture called LipimetiX Development LLC.
Under the terms of the agreement, LipimetiX will contribute its existing license agreement with the research foundation related to part of the family of drugs in return for voting common ownership units representing 40 percent of ownership in the joint venture. Capstone, meanwhile, will contribute $6 million and hold 60-percent ownership.
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