As part of the transaction, Alesta’s pipeline outside its lead program will be spun out by Alesta’s investors into a new, independently operated company, extending Alesta’s approach to reach additional patients in rare disease areas not yet disclosed.

Alesta’s lead program, ALE1, is an oral small-molecule candidate for hypophosphatasia (HPP), a rare inherited disorder that impairs bone mineralization from birth resulting in easy or frequent bone breaks, early tooth loss, and, in adults, clinically significant muscle weakness, fatigue and pain. Current treatment, for only a subgroup of patients, relies on enzyme-replacement therapy administered by injection. Alesta advanced ALE1 into Phase 1/2a clinical testing in late 2025.

Thuja Capital and Droia Ventures were Alesta’s first institutional investors, seeding the company in 2021. For Thuja, this was the first investment made from its third fund, Thuja Capital Healthcare Fund III (TCHF III). This acquisition marks that fund’s second exit within six years of its first close, following the sale of EsoBiotec in 2025.

Thuja congratulates Ilan Ganot and the Alesta management team on this milestone, and thanks co-investors Droia Ventures, Frazier Life Sciences, Novartis Venture Fund, RV Invest, and RTW Investments for their collaboration throughout Alesta’s development.

With BioMarin’s rare disease development and commercialization capabilities behind it, Alesta’s ALE1 is now positioned to advance faster, bringing an oral treatment for hypophosphatasia closer to the patients who need it.

About Thuja Capital

Thuja Capital is an early-stage venture capital firm investing in biotech and medtech companies in Europe. Thuja has invested in more than thirty early-stage life sciences companies across three funds, all addressing large unmet medical needs. Thuja is based in Leiden, The Netherlands.