AlphaNavi Pharma created as carve-out from Sumitomo Dainippon

Kyoto University Innovation Capital and Japanese drugmaker Sumitomo Dainippon Pharma (TYO: 4506) today announced the establishment of AlphaNavi Pharma as a carve-out business venture from Sumitomo Dainippon Pharma, and allocated new shares to third-parties.

The round A financing allocated new shares totaling more than 900 million yen ($8.2 million) to an investor coalition of businesses consisting of Kyoto iCAP, Shinsei Capital Partners, SMBC Venture Capital, Nippon Venture Capital Chushin Venture Capital and Sumitomo Dainippon Pharma, with latter’s shares closing down 2.37% at 2,674 yen by close of trading.

AlphaNavi is a business venture carved out from Sumitomo Dainippon Pharma that was established in January 2019 by two employees of the drugmaker, with support from Kyoto iCAP. Sumitomo Dainippon Pharma decided to begin the carve out with DSP-2230 (product code), which was created by the company and is currently under development for neuropathic pain, to specifically promote its research and development for neuropathic pain associated with genetic mutations, through collaboration with outside parties.