KDNY - Chinook forms joint venture SanReno with investor syndicate focused on kidney therapies

Chinook Therapeutics (NASDAQ:KDNY) has entered into a 50/50 joint venture with an investor syndicate to form SanReno Therapeutics to develop and commercialize kidney disease therapies in China. Frazier Healthcare Partners and Pivotal bioVenture Partners China, as well as existing Chinook investors Versant Ventures and Samsara BioCapital, has invested $40M in exchange for a $50M ownership of SanReno. Chinook has granted SanReno exclusive rights to develop and commercialize atrasentan and BION-1301 in China, Hong Kong, Macau, Taiwan, and Singapore in exchange for 50% ownership of SanReno. Chinook is entitled to receive milestone payments and royalties for the two candidates, while SanReno is responsible for development and commercialization costs. Chinook had a $160M share offering earlier this month.

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Chinook forms joint venture SanReno with investor syndicate focused on kidney therapies