Sunovion Seeking New Heights with Elevation Acquisition
September 04, 2012
San Diego, Calif.-based Elevation Pharmaceuticals, a developer of aerosol therapies for patients with respiratory diseases, has agreed to be acquired by Marlborough, Mass.-based Sunovion Pharmaceuticals in a transaction worth up to $430 million. Sunovion will pay $100 million upfront for the biopharmaceutical company, with additional payments of up to $330 million. Prior to the acquisition announcement, Elevation snagged two hefty rounds of venture funding. In September 2011, Canaan Partners, TPG Biotech, Care Capital and Mesa Verde Venture Partners participated in a $30 million Series A financing. Then, Novo A/S led a $30 million Series B round in January of this year, joined by all previous investors.