Gilead Sciences To Acquire Biopharm Company MYR in $1.75-Bn Deal

Gilead Sciences has agreed to acquire MYR GmbH, a Bad Homburg, Germany-based biopharmaceutical company focused on developing and commercializing therapeutics for treating chronic hepatitis delta virus (HDV), in a EUR 1.45-billion ($1.75-billion) deal ($1.39 billion upfront and up to $364 million in milestone payments).

MYR’s lead products is Hepcludex (bulevirtide) for treating HDV, a liver disease caused by infection with the hepatitis D virus. Hepcludex was conditionally approved by the European Medicines Agency (EMA) in July (July 2020) for treating chronic HDV infection in adults with compensated liver disease. MYR has since launched Hepcludex in France, Germany, and Austria and is preparing for launch in certain other markets in 2021. MYR anticipates submission for accelerated approval in the US in the second half of 2021. The US Food and Drug Administration (FDA) has granted the medicine both orphan-drug and breakthrough-therapy designations for chronic HDV infection.

Under the terms of the sale and purchase agreement, Gilead will acquire MYR for approximately EUR 1.15 billion ($1.39 billion) in cash, payable upon closing of the transaction plus a potential future milestone payment of up to EUR 300 million ($364 million) upon FDA approval (both payments subject to customary adjustments).

Closing of the transaction is subject to expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and receipt of merger control approvals in certain European jurisdictions.

Source: Gilead Sciences

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