Oriel Therapeutics, a Durham company developing treatments for asthma and other respiratory ailments, has been acquired by Sandoz, the generic-drug division of pharmaceutical giant Novartis.
Financial terms of the deal weren't disclosed. In 2007, Oriel raised $26.5 million in venture-capital financing.
The company was founded in 2001 by Anthony Hickey and Timothy Crowder, based on inhaled drug-delivery technology developed at the UNC School of Pharmacy.
Oriel's products include experimental, generic treatments for asthma and chronic obstructive pulmonary disease, or COPD. The company also developed a new type of disposable dry powder inhaler to improve delivery of respiratory drugs.