Roche acquisition of Promedior : Swiss drugmaker Roche has agreed to acquire Massachusetts-based biotech company Promedior in a deal worth up to $1.39 billion, as per the latest pharma acquisition news.
The acquisition will give full rights for the Swiss pharma giant to Promedior’s portfolio of molecules targeting serious fibrotic diseases, including PRM-151, which holds the FDA breakthrough therapy designation for idiopathic pulmonary fibrosis (IPF).
PRM-151, which is a recombinant form of human pentraxin-2 (PTX-2) protein, has been advanced into human clinical trials by Promedior.
The IPF drug candidate is said to have shown prevention and also reversal of fibrosis and as per Roche presents new opportunities for the treatment of a wide variety of systemic fibrotic diseases. The drug candidate’s phase 2 trial results showed that it is the first molecule to deliver significant lung function improvements compared to current therapies in idiopathic pulmonary fibrosis.
PRM-151 is also said to have generated promising early clinical trial data in myelofibrosis (MF) and its anti-fibrotic mechanism has therapeutic potential in other fibrotic diseases, said Roche.
Commenting on Roche acquisition of Promedior, Jason Lettmann – CEO of Promedior said: “With over a decade of research, development and investment, Promedior has demonstrated the unique ability of its pentraxin-2 platform to deliver disease-modifying potential in fibrotic disorders.
“Due to Roche’s strong expertise in IPF, hematological cancer and other fibrotic disorders, we believe Roche is ideally positioned to bring the potential of our platform to patients and provide new treatment options within these areas of urgent unmet medical need.”
As per the terms of Roche acquisition of Promedior, the Swiss drugmaker will pay upfront $390 million followed by additional contingent payments of up to $1 billion, which will be subject to meeting of some predefined development, regulatory and commercial milestones.
James Sabry – Roche Pharma Partnering global head, commenting on Roche acquisition of Promedior, said: “We are excited to combine Promedior’s portfolio with our drug development capabilities to further advance PRM-151 in fibrotic diseases, including IPF and MF.
“With our proven track record in IPF with Esbriet as well as in hematological cancers, we are well-positioned to leverage our clinical and commercial expertise to bring PRM-151 to patients as fast as possible.”
Closing of Roche acquisition of Promedior will be based on the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 apart from meeting of other customary conditions.
Last month, Roche signed a research collaboration and licensing deal worth up to $1.67 billion with Dicerna Pharmaceuticals to develop new drugs for chronic hepatitis B virus (HBV) infection using the latter’s GalXC RNAi platform technology.