MedImmune has acquired Ann Arbor-based AlphaCore Pharma
, creating another exit for a local up-and-coming start-up.
, the global biologics research and development arm of AstraZeneca
, has not disclosed the acquisition price nor its intentions on whether to keep the start-up in Tree Town. Tracy Rossin, director of corporate public relations for MedImmune, did write in an email that the company does "not have plans to expand its operations/workforce in Ann Arbor." She does add that her firm is "planning to incorporate AlphaCore Pharma into the larger AstraZeneca organization."
The 5-year-old biotechnology company is developing a recombinant human lecithin-cholesterol acyltransferase enzyme. The enzyme in the bloodstream is a key component in the reverse cholesterol transport system, which is thought to play a major role in driving the removal of cholesterol from the body and may be critical in the management of high-density lipoprotein (HDL) cholesterol levels.
AlphaCore Pharma completed a clinical study last year with encouraging results, Brinkeroff says. That made the start-up and its eight-person team an attractive acquisition target, and Brinkeroff says MedImmune is a great partner to continue the development of the enzyme.
"They have a deep experience in developing biological products," Brinkeroff says. "They're an ideal partner to hand off to."
Source: Bill Brinkeroff, president of AlphaCore Pharma and Tracy Rossin, director of corporate public relations for MedImmune
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.