Symphony Capital forms joint venture with Alexza Pharmaceuticals
Clients Symphony Capital LLC
Jones Day advised Symphony Capital Partners, L.P., and its co-investors in connection with a collaborative development agreement with Alexza Pharmaceuticals, Inc. to establish a joint venture, Symphony Allegro, Inc. Symphony will provide $50 million in funding to accelerate clinical and other related development activities for two of Alexza's drug delivery devices. One of the devices (AZ-002) is being developed for the acute treatment of panic attacks associated with panic disorder, and the other (AZ-004) is being developed to treat acute agitation in patients with schizophrenia. Both product candidates were, as of the closing of the transaction, in the early stages of clinical development. Alexza exclusively licensed to Symphony Allegro certain intellectual property related to its AZ-002 and AZ-004 product candidates. Alexza received an exclusive purchase option from Symphony Allegro's investors that will allow Alexza to reacquire the intellectual property by purchasing all of Symphony Allegro's equity at a predetermined price during the anticipated four- year collaborative development period.