Type of information: Company acquisition
Acquired company: Syntimmune (USA - MA)
Acquiring company: Alexion Pharmaceuticals (USA -MA)
Amount: up to $1.2 billion
- • On September 26, 2018, Alexion Pharmaceuticals and Syntimmune announced that they have entered into a definitive agreement for Alexion to acquire Syntimmune, a clinical-stage biotechnology company developing antibody therapeutics targeting the neonatal Fc receptor (FcRn).
- Under the terms of the agreement, Alexion will acquire Syntimmune for an upfront payment of $400 million, with the potential for additional milestone-dependent payments of up to $800 million, for a total value of up to $1.2 billion.
- Alexion’s acquisition of Syntimmune is subject to the satisfaction of customary closing conditions, including approval from relevant regulatory agencies. Pending these approvals, the transaction is expected to close in the fourth quarter of 2018. Alexion intends to finance the acquisition through cash on hand.
- Foley Hoag LLP is serving as legal counsel to Alexion, Goodwin Procter LLP is serving as legal counsel to Syntimmune, and Sullivan & Cromwell LLP is serving as legal counsel for Apple Tree Partners, which is the majority shareholder in Syntimmune.
- Founded in 2013, Syntimmune is a clinical-stage biotechnology company developing differentiated drug candidates in a wide range of autoimmune diseases. The company is developing therapies based on its expertise in the biology of the neonatal Fc receptor (FcRn) and its complex role in the pathogenesis of IgG-mediated autoimmune diseases. Its lead candidate, SYNT001, is a monoclonal antibody that specifically blocks FcRn- IgG interactions and is being studied in multiple Phase 1b/2a trials for the treatment of IgG-mediated autoimmune diseases.
- Syntimmune is also developing SYNT002, which targets FcRn-albumin interactions to facilitate the clearance of albumin-bound toxins.
Related: Autoimmune diseases