Celon Pharma has disclosed a deal in which it will invest $20 million over 2 years, and Tang Capital will invest $10 million over that same period, in a new US-based company called Novohale Therapeutics that will initiate Phase 3 development of Celon’s Falkieri esketamine DPI for the treatment of bipolar depression. Celon’s marketed products include the Salmex fluticasone / salmeterol DPI.
Novohale, which will be led by Kevin Tang as CEO, will have worldwide rights to develop Falkieri, excluding Poland. According to the announcement, “Celon will be entitled to approximately 80% interest in the profit and loss and net assets (economic interest) of Novohale, while maintaining approximately 20% of the voting interest of Novohale. This will allow Novohale the autonomy to develop Falkieri and conduct the Study, while maintaining majority economic interest in Novohale for Celon.”
Tang will be responsible for conducting the upcoming Phase 3 study of Falkieri, and Celon will provide supplies of the esketamine DPI for the trial. Celon will have the option to acquire Tang’s shares in Novohale from the beginning of 2025 until 60 days after delivery of results from the study.
Read the Celon Pharma press release.
