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AVX PHARMA
A Spanish biopharmaceutical company developing a new therapeutic target for dry eye syndrome, sold to Aerie Pharmaceuticals for up to $79M in 2019.
- Platform
- Life Sciences
- Status
- Exited
- Investment
- 2014 – 2019
- Sector
- Ophthalmic biopharmaceuticals
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53 %
IRR
-
950 K$
Total Inveready investment
-
79 M$
Exit value ($10M upfront + $69M milestones + royalties)
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48 %
Inveready’s stake at exit
AVX Pharma is an ophthalmic biopharmaceutical company focused on the discovery and development of new drugs for the treatment of dry eye syndrome.
Its lead program, AVX-012, is a molecule that acts on the neuronal signals and mechanisms that regulate the volume of tear fluid secreted by the lacrimal glands, as well as on the discomfort associated with ocular surface dryness.
The founding scientific team was led by Patrick Tresserras and Professor Carlos Belmonte.
Investment thesis and involvement
Inveready invested in 2014, when AVX-012 was in non-regulatory preclinical development. The funding provided enabled the company to complete the enabling IND studies and a clinical proof-of-concept efficacy study with 112 patients.
Between 2014 and 2019, Inveready contributed a total of $950k across successive rounds, supporting the company from preclinical stage through to completion of Phase IIa.
Milestone timeline
Outcome / Current status
In 2019, AVX Pharma was acquired by Aerie Pharmaceuticals, a US company specializing in therapies for glaucoma, retinal diseases and eye care.
The deal was structured as an upfront payment of $10M, $69M in milestones, and royalties on future sales, generating a 15x return for Inveready on a total investment of $950k.