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6 March 2018Americas

AstraZeneca spins out biotech company

AstraZeneca’s research development arm MedImmune has revealed plans to spin out six molecules into an independent biotech company.

The new company, Viela Bio, will focus on developing medicines for severe autoimmune diseases by targeting the underlying causes of each disease.

Viela Bio will receive three clinical and three pre-clinical potential new medicines from MedImmune.

Among the molecules is inebilizumab, which is currently in phase two trial development for the treatment of neuromyelitis optics, a condition that affects the optic nerve and spinal cord.

“Our goal is always to find a way for the science to advance,” said Bahija Jallal, president of MedImmune and executive vice president of AstraZeneca.

“By establishing Viela Bio, we are creating an optimal environment for the continued development of our promising early-stage biologics portfolio in inflammation and autoimmunity.”

Bing Yao, the current head of MedImmune’s respiratory, inflammation and autoimmunity (RIA) innovative medicines unit, has been named CEO of the spin-out.

Jorn Drappa, the vice president of RIA clinical development at MedImmune, has been named as head of research and development and chief medical officer at the spin-out.

Viela Bio will be based in Maryland and funded with up to $250 million from a consortium of investors.

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