Abstract
Investors are backing several biotech firms created to advance molecules discarded by larger drug companies. Validating the strategy, Merck & Co. has agreed to pay $500 million to acquire one of them: Afferent Pharmaceuticals, which is based on compounds licensed from Roche. Afferent is developing small-molecule drugs targeting the P2X3 receptor for the treatment of neurogenic conditions. Its lead candidate, AF-219, is being evaluated in Phase IIb clinical trials for refractory, chronic cough and in Phase II trials for idiopathic pulmonary fibrosis with cough. “Afferent has pioneered the clinical development of novel investigational candidates selectively targeting the P2X3 receptor, an exciting area of research,” says Roger M. Perlmutter, president of Merck Research Laboratories. Afferent licensed the P2X3 program in 2009, securing financing from investors including Third Rock Ventures and Pappas Ventures. Now, these investors are being rewarded with $500 million plus potential clinical development and commercialization milestone payments of up
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