Date: 2017-06-28
Type of information: Company acquisition
Acquired company: True North Therapeutics (USA - CA)
Acquiring company: Bioverativ (USA - MA)
Amount: up to $825 million
Terms:
- • On June 28, 2017, Bioverativ announced that it has successfully completed its acquisition of True North Therapeutics, a privately-held, clinical-stage rare disease biotechnology company.
- • On May 23, 2017, Bioverativ announced that it has entered into a definitive agreement to acquire South San Francisco-based True North Therapeutics, for an upfront payment of $400 million plus assumed cash. True North investors are also eligible to receive additional payments of up to $425 million contingent on the achievement of future development, regulatory and sales milestones.
- As part of the acquisition, Bioverativ will obtain worldwide rights to True North’s lead candidate, TNT009, a first-in-class monoclonal antibody in development to treat cold agglutinin disease (CAD). True North’s second molecule, TNT020, is a discovery-stage, follow-on monoclonal antibody that targets activated C1s with the potential for less-frequent dosing and subcutaneous administration.
- The acquisition will be financed through a combination of cash on hand and debt. It is subject to customary closing conditions, including the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Act of 1976 in the United States, and is expected to close in mid-2017.
Details:
- The acquisition advances Bioverativ’s vision of becoming a leading rare disease company focused on blood disorders. The acquisition, adds TNT009, a first-in-class monoclonal antibody in development for cold agglutinin disease (CAgD), to Bioverativ's pipeline of novel, investigational therapies for the treatment of rare blood disorders, including hemophilia, sickle cell disease and beta thalassemia. There are no approved treatments for CAgD, which is a rare and chronic autoimmune hemolytic condition that often leads to severe anemia. People living with CAgD can suffer with a significant disease burden, including frequent blood transfusions, crippling fatigue, and an increased risk of life-threatening thrombotic events such as pulmonary embolism and stroke.
- TNT009 has received breakthrough therapy designation from the FDA for the treatment of hemolysis in patients with primary CAgD, and orphan drug designation from the FDA and the European Medicines Agency. Late-stage clinical development planning for TNT009, including a registrational program, is underway. The FDA granted TNT009 breakthrough therapy designation based on data from a Phase 1b trial, which showed that TNT009 normalized hemoglobin levels in six of six study participants with primary CAD, increasing hemoglobin by an average of 4g/dL and resolving their anemia. All participants were transfusion free while on treatment. TNT009 was generally well tolerated. As of December 21, 2016, five of six participants (83.3%) with primary CAD experienced at least one adverse event; all were mild to moderate in severity and no adverse event was assessed as related to TNT009 by the investigator.
- The acquisition also includes TNT020, a discovery-stage, follow-on monoclonal antibody that targets activated C1s with the potential for less frequent dosing and subcutaneous administration.
Related: Genetic diseases - Rare diseases - Hematological disease
Is general: Yes
