Sofinnova Partners et al. sell EOS for up to €310m

Under the terms, Nasdaq-listed Clovis made an upfront payment of $200m, which includes $190m in Clovis common stock and $10m in cash. The buyer will pay an additional $65m in cash upon Lucitanib, a kinase inhibitor, getting approval from the US Food and Drug Administration. 

Following an agreement signed in 2012 with Les Laboratoires Servier for the rights to the Lucitanib therapy in Europe and the rest of the world (excluding China), Clovis is entitled to receive up to €350m upon the achievement of development and commercial milestones as well as royalties on Lucitanib sales in the Servier territories. 

Clovis will also pay EOS shareholders up to an additional €115m in cash subject to the agreement of certain milestones related to this license agreement.

Previous funding
In 2009, Aescap Venture, Sofinnova Partners and Principia (then Quantica) closed a €12.2m series-A funding round for the firm, according to unquote" data. Aescap Venture invested via Aescap Venture Fund I, which closed on €150m in 2006. A tranche of €8.2m had already been committed by Sofinnova and Principia. Sofinnova provided the firm with seed financing in 2006.

Company
Founded in 2006 and based in Milan, Ethical Oncology Science is a biopharmaceutical firm developing a novel targeted therapy to treat cancer. The firm owns the global development and commercialisation rights (excluding China) for Lucitanib, an oral, dual-selective inhibitor of tyrosine kinase activity of fibroblast growth factor receptors and vascular endothelial growth factor receptors.

In 2012, EOS sub-licensed Lucitanib rights in Europe and the rest of the world, excluding China, to Les Laboratoires Servier. Clovis holds the rights in the US and Japan, and will collaborate with Servier in the global development of the therapy.

People
Antoine Papiernik is a managing partner at Sofinnova and worked on the deal.

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