Apellis Pharmaceuticals, a clinical-stage biopharmaceutical company focused on the development of novel therapeutic compounds to treat disease through the inhibition of the complement system, has entered a collaboration to support the development of APL-2 in hematologic indications with SFJ Pharmaceuticals, a global drug development company backed by Blackstone Life Sciences and Abingworth.
 
This collaboration marks the first time that SFJ Pharmaceuticals has partnered with a pre-revenue biopharma company. As part of this collaboration, SFJ and Apellis have entered into an agreement to support the development of APL-2 for the treatment of patients with paroxysmal nocturnal hemoglobinuria (PNH).
 
Under the terms of the agreement, SFJ has agreed to pay Apellis $60 million in support of the PNH clinical program following deal close, with up to an additional $60 million based on Apellis meeting specific, pre-defined clinical milestones that are expected in 2019 and associated with the PNH development program, and subject to Apellis meeting certain capital requirements. Subject to mutual agreement, SFJ may also pay Apellis an additional $50 million in funding for the PNH clinical program following a specified, pre-defined clinical milestone.
 
“This innovative collaboration with SFJ provides Apellis with substantial non-dilutive funding to develop APL-2 in hematologic diseases of complement with serious unmet need,” said Cedric Francois, chief executive officer and co-founder, Apellis. “We are fortunate to partner with the highly experienced and qualified drug development professionals at SFJ Pharma, who have an outstanding track record of success. Under the terms of the collaboration, we will retain full commercial rights for APL-2 in all indications, have diversified our development risk and maintain considerable financial flexibility, both in terms of the amount of capital we can access and in regards to payment options following potential regulatory approval.”
 
Bob DeBenedetto, chief executive officer, SFJ, said, “The collaboration with Apellis is particularly exciting for SFJ as it expands our business model to include pre-revenue biopharma companies. After performing an in-depth diligence review of Apellis’ clinical data in PNH, CAD and wAIHA, as well as the PNH Phase 3 program design and commercial scale manufacturing capabilities, we believe that Apellis is the ideal partner with which to enter this novel agreement.”