Shire To Acquire Australian Biopharm Firm FibrotechBy
Shire plc has agreed to acquire Fibrotech, an Australian biopharmaceutical company developing a new class of drugs to prevent a fibrosis for an upfront payment of $75M and certain contingent payments based on the achievement of development and regulatory milestones.
Shire will undertake the further development of Fibrotech's lead product FT011, which has completed a Phase IA study in healthy volunteers and is currently in a Phase IB study in patients with diabetic nephropathy. Subject to successful completion of this trial, the first Phase II study is expected to be initiated to enroll focal segmental glomerulosclerosis (FSGS) patients next year. FSGS is a rare disease that affects the kidney's filtering system causing serious fibrosis (scarring).
In addition to the lead compound FT011, Shire acquires Fibrotech's library of novel molecules, including another molecule, FT061, in pre-clinical development that has a similar mode of action to FT011. It is an oral small molecule with the potential to address both the inflammatory and pro-fibrotic components of fibrosis.
The closing of the acquisition is subject to customary conditions, including approval of Australia’s Foreign Investment Review Board.