Midtown-based drug discovery startup GRIN Therapeutics has reached a deal with Angelini Pharma to commercialize its signature epilepsy treatment drug outside of North America.
The companies announced a $50 million development deal along with a $140 million Series D fundraising round with investments from Angelini and existing backer Blackstone Life Sciences. The deal gives Angelini exclusive rights to commercialize radiprodil, a drug to treat seizures and neurological disorders, which is currently in clinical trials, outside the U.S., Canada and Mexico.
The deal included an upfront payment of the $50 million plus the possibility of GRIN receiving an additional $520 million for reaching certain developmental milestones. Angelini Pharma is the pharmaceutical arm of multinational conglomerate Angelini Industries.
Separately, the company invested $65 million in the fundraising round to support GRIN Therapeutic’s general operations, including the next phase of clinical trials for radiprodil. As part of the investment, Angelini Pharma CEO Jacopo Andreose will get a seat on GRIN’s board of directors.
Blackstone Life Sciences invested another $75 million in the company after the international investment firm backed the start-up in an early-stage venture capital round in 2021.
The deal is the latest example of a big-dollar fundraise for a health care start-up in an otherwise cooling venture capital market amid economic volatility.
