EQT Life Sciences portfolio company VarmX partners with CSL in a strategic collaboration and option agreement worth up to USD 2.2 billion

• VarmX is developing a bypass agent to restore coagulation for patients facing life-threatening bleeding or requiring emergency surgery while on anticoagulants that target Factor Xa
• Under the agreement, CSL will fully fund clinical development of VMX-C001 and pay VarmX shareholders USD 117 million upfront for an exclusive option to acquire VarmX, in a transaction worth up to USD 2.2 billion
• EQT Life Sciences has backed VarmX since 2020, actively supporting the Company at board level as it successfully completed a first-in-human clinical study and obtained FDA clearance to start a global registrational Phase 3 trial

STOCKHOLM, Sept. 16, 2025 /PRNewswire/ -- EQT Life Sciences, a leading European life sciences venture capital firm, is pleased to share that CSL has entered into a strategic collaboration with its portfolio company VarmX to support the development of its lead asset, VMX-C001. CSL has also entered into an exclusive option agreement with VarmX shareholders to acquire all issued and outstanding shares of the company in a transaction worth up to USD 2.2 billion.

VarmX, based in Leiden, the Netherlands, is a biotech company developing innovative approaches for the bypass of direct oral anticoagulants targeting activated Factor Xa (FXa DOACs) and inherited coagulation disorders. More than 20 million patients globally take FXa inhibitors as chronic anticoagulation therapy, with approximately 3 per cent of these patients experiencing severe bleeding or requiring urgent surgery. Despite the unmet clinical need, no fully approved therapeutic agent is currently available in the E.U. or the U.S. for treating acute major bleeding in patients on Factor Xa inhibitors.

VMX-C001 is an investigational product, designed to bypass the FXa anticoagulation activity and swiftly restore coagulation in patients in urgent surgery and severe bleeding situations. Under the terms of the strategic collaboration agreement, CSL will fully fund VarmX's global Phase 3 trial evaluating VMX-C001. CSL will also fully fund and support VarmX in late-stage product development, manufacturing and pre-launch commercial and medical affairs activities.

EQT Life Sciences originally invested in VarmX in 2020, co-leading the company's Series B financing, investing from its LSP 6 fund. At the time, VMX-C001 was still in preclinical stages but with EQT's support, the company successfully completed a first-in-human clinical study and recently obtained FDA clearance for its Investigational New Drug (IND) application to start a global registrational Phase 3 trial with VMX-C001.

John de Koning, board member at VarmX and Partner at EQT, added: "We are very proud to see that VarmX is, together with CSL, advancing its truly game-changing approach for this large unmet need in the emergency care setting. FDA's recent granting of Fast Track Designation for VMX-C001 aims to shorten the time to market, further recognizing the company's unique opportunity as well as the promise for patients."

John Glasspool, Chief Executive Officer of VarmX, said: "The collaboration with CSL represents a transformative step for VarmX. By securing full funding for the registrational trial, product development, CMC and pre-launch activities, we are well positioned to bring VMX-C001 to patients. We are proud to partner with CSL, whose expertise and global reach will be invaluable as we move forward."

Dr. Paul McKenzie, Chief Executive Officer of CSL, commented: "We are excited to partner with VarmX to develop a novel treatment and address a significant unmet need aligning strongly with our strategic ambition to deliver enduring patient impact. It also aligns with our portfolio of medicines designed to minimize bleeding, preserve a patient's own blood supply, improve surgical and medical outcomes and support global public health approaches to patient blood management."

CSL will make an upfront payment to VarmX shareholders of USD 117 million upon closing of the transaction for an exclusive option to acquire the company. CSL will have the right to exercise the option upon Phase 3 data. Subject to the achievement of certain milestones, following the exercise of the option and customary regulatory clearances, VarmX shareholders will receive a further USD 388 million in acquisition and additional payments up to the commercial launch of VMX-C001 and up to USD 1.7 billion in sales-based success milestones thereafter.

Contact
EQT Press Office, press@eqtpartners.com

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