Galecto merges operations with US-based PharmAkea
Galecto, a Copenhagen, Denmark-based biotech company, developer of galectin modulators for the treatment of fibrotic diseases including idiopathic pulmonary fibrosis (IPF) and cancer, announced getting into a merger agreement with PharmAkea, Inc., a privately held San Diego-based pharmaceutical company developing novel small molecules against protein targets involved in fibroproliferative disease,
Financial terms have not been disclosed.
Following completion, the joint company will retain the Galecto name and current senior management team, including Hans Schambye as CEO.
Galecto, Inc. will be incorporated in the US and will retain its operating headquarters in Copenhagen, Denmark.
The merger brings together two clinical stage companies with strong programs in fibrosis and cancer, including an inhaled galectin-3 modulator currently in phase IIb for the potential treatment of idiopathic pulmonary fibrosis.
Galecto is a Swedish company founded in 2011 in Sweden and then moved to Copenhagen by leading galectin scientists and biotech executives from Sweden, United Kingdom, and Denmark. The company has built a broad pipeline of drug candidates targeting the role of galectin-3 in inhibiting cells involved in fibrosis. This is complemented by PharmAkea, which has developed small molecules that target LOXL2, a key enzyme involved in the formation of the extracellular matrix during the fibrotic process.
In 2018 Gaelcto raised €79 million in series C backed by a range of investors including Ysios Capital, OrbiMed, HBM Healthcare Investments, OrbiMed Israel, Bristol Myers-Squibb, Maverick Ventures and Seventure Partners joined existing investors Novo Seeds, M Ventures, and Sunstone Capital