Canada-based Knight Therapeutics has announced it has closed a strategic financing agreement of up to $125m with US-headquartered Moksha8, which specialises in licensing and marketing innovative and established therapeutics in the largest two Latin American markets, Brazil and Mexico.
Initially Knight will lend Moksha8 a maximum of $25m in capital funding; $10m has been issued now the deal has closed.
The remaining $100m may be issued for additional funding for mergers and acquisitions of both companies and licenses.
As a result of the deal, Knight has the right to appoint two observers to Moksha8’s board.
Knight Therapeutics focuses on acquiring and in-licensing innovative pharmaceutical products for Canadian and selected international markets. The company’s CEO Jonathan Ross Goodman said: “We are excited to partner with the new Moksha8.
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“Knight and Moksha8 share the common vision of bringing much needed therapeutics to underserved markets such as Canada and Latin America.”
Moksha8 CEO Joel Barlan said: “We are thrilled with this partnership. Moksha8 is entering a new era of growth, supported by both a talented team and significant product launches. Knight’s partnership provides the fuel for the expansion of our strategy to the next level.”
Moksha8’s majority shareholder, Montreux Equity Partners’ founder Daniel K Turner III said: “We view the Board collaboration as a crucial part of the agreement.
“Combining Moksha8’s deep market and commercial knowledge with Knight’s exceptional track record as a licensee and acquirer boosts Moksha8’s capabilities to new levels”.
Moksha8 has previously partnered with a range of global pharmaceutical companies to help it achieve its mission of bringing innovative medicines to Latin America. Partners include Daewoong, Sandoz and Sun Pharma.
In December last year, Moksha8 signed a promotional and distribution deal of AstraZeneca’s chronic obstructive pulmonary disease (COPD) drugs Duaklir and Eklira. Studies have shown that COPD has a crude prevalence rate of 7.8% in Mexico City.