Thiakis, which specialises in the treatment of obesity and diabetes, has been sold to US-based Wyeth Pharmaecuticals for up to $150 million.

Thiakis, which specialises in the treatment of obesity and diabetes, has been sold to US-based Wyeth Pharmaecuticals for up to $150 million (£100 million).

Of that sum, $30 million is an upfront payment, with the balance depending on the company achieving clinical development milestones.

Exiting investors in the sale of the Imperial College London (ICL) spin-out include UK venture capitalist Advent Venture Partners, AIM-listed Imperial Innovations and Danish private equity firm Novo.

Founded in 2004 by ICL professor Stephen Bloom, a specialist in metabolic diseases, the company raised money in 2006 in a Series A round led by Advent, whose general partner Raj Parekh served on the board. John Burt served as the company’s chief executive officer.