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Novo Holdings Portfolio Company F2G enters strategic collaboration with Shionogi to commercialise its new antifungal agent Olorofim in Europe and Asia

  • Deal value includes upfront payment of US$100 million with F2G eligible for additional regulatory and commercial milestones of up to US$380 million, as well as double-digit royalties on net sales and share development costs
  • Validation of Novo Holdings' strategy to identify and invest in promising European biotech opportunities

COPENHAGEN, Denmark, May 16, 2022 /PRNewswire/ -- Novo Holdings A/S, a leading international life sciences investor, today announces that its portfolio company F2G Ltd. (F2G) has entered into a strategic collaboration with Shionogi & Co., Ltd. (Shionogi) to develop and commercialise its antifungal agent olorofim for invasive fungal infections, in Europe and Asia.

F2G is a UK, US and Austria based biotech company focused on the discovery and development of novel therapies to treat life-threatening invasive fungal infections. Novo Ventures, the venture capital team at Novo Holdings, has led and participated in a series of financings since 2016. Naveed Siddiqi, Senior Partner at Novo Holdings, serves as a Board Member of F2G and Eric Snyder, Partner at Novo Holdings, as Board Observer.

Olorofim is a novel oral antifungal therapy developed by F2G to treat invasive aspergillosis (IA) and other rare mold infections. Olorofim works through a unique mechanism of action, different from all existing classes of antifungals, exerting fungicidal activity through inhibition of the pyrimidine synthesis pathway. Olorofim represents the first truly novel antifungal class developed in the past 20 years and is the only antifungal medication to be awarded a Breakthrough Therapy Designation (BTD) for multiple indications by the US Food & Drug Administration (FDA).

The world market for antifungal agents is currently worth in excess of US$6 billion with consistent annual growth driven by year-on-year increases in the susceptible immune compromised patient population. Increases in cancer, organ transplants and use of potent drugs, including broad spectrum antibiotics has led to significant increases in fungal infections. Fungi are now recognised as a major issue in several respiratory conditions, being responsible for exacerbations of symptoms in asthma, COPD and bronchiectasis patients. This is likely to increase the use of antifungal drugs over the coming years. F2G believes that its novel agent, olorofim, and subsequent agents, will address some of the many challenges which face the treating physician and the patient with invasive fungal infections.

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Novo Holdings Portfolio Company F2G enters strategic collaboration with Shionogi to commercialise its new antifungal agent Olorofim in Europe and Asia Deal value includes upfront payment of US$100 million with F2G eligible for additional regulatory and commercial milestones of up to US$380 million, as well as double-digit royalties on net sales and share development costsValidation of Novo …

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