Orchid, Allecra develop antibiotics bacterial infections

Orchid, Allecra to develop antibiotics for bacterial infections

5:36 AM, 23rd April 2013
Orchid, Allecra to develop antibiotics for bacterial infections
K Raghavendra Rao, Chairman & Managing Director, Orchid.

CHENNAI, INDIA: Orchid Pharma has entered into a strategic partnership with Europe-based venture capital funded Allecra Therapeutics to develop novel antibiotics to combat multi-drug resistant bacterial infections. As part of its investment into Allecra, Orchid has assigned to Allecra IP (Intellectual Property) related to an antibiotic discovery programme which will then be pursued through further trials by Allecra.

Together with shareholding, Orchid will also be paid an upfront sum and is eligible to receive further royalties and exit bonuses based on Allecra’s progress. Allecra’s €15 million Series A financing round was co-led by Edmond de Rothschild Investment Partners and Forbion Capital Partners. EMBL Ventures also participated.

“We have always believed in building collaborative business models to achieving our vision. This strategic partnership with Allecra is yet another demonstration of how we can create value by harnessing the relative strengths of each company,” said K Raghavendra Rao, Chairman & Managing Director, Orchid.

© WOC News

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