Alexion To Acquire Rare Disease Company in $1.2-Billion DealBy
Alexion Pharmaceuticals, a Boston-headquartered pharmaceutical company, has agreed to acquire Syntimmune, a Boston, Massachusetts-based clinical-stage biopharmaceutical company developing antibody therapeutics targeting the neonatal Fc receptor (FcRn), in a deal worth up to $1.2 billion.
Syntimmue is developing humanized monoclonal antibody that inhibits the interaction of FcRn with Immunoglobulin G (IgG) and IgG immune complexes to improve treatment in multiple rare IgG-mediated diseases. The drug is currently being evaluated in Phase Ib/IIa studies in patients with warm autoimmune hemolytic anemia and in patients with pemphigus vulgaris or pemphigus foliaceus and has demonstrated proof of mechanism showing rapid IgG reduction, according to information from Alexion
Under 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.
“The acquisition of Syntimmune represents a critical step in rebuilding Alexion’s pipeline and further diversifying the company’s clinical-stage rare disease portfolio,” said Ludwig Hantson, Ph.D., Chief Executive Officer of Alexion in a September 26, 2018 company statement. “It offers a strong strategic fit with Alexion’s existing rare disease franchises and provides the opportunity to transform patient care in diseases like warm autoimmune hemolytic anemia…”
Alexion markets three rare-disease products, which include: Soliris (eculizumab), for treating paroxysmal nocturnal hemoglobinuria, atypical hemolytic uremic syndrome, and generalized myasthenia gravis; Strensiq (asfotase alfa), for treating hypophosphatasia; and Kanuma (sebelipase alfa), for treating lysosomal acid lipase deficiency. The company’s pipeline also includes drugs for Wilson Disease and atypical hemolytic uremic syndrome in development.
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.