Menu
U.S. based gene therapy developer Vertex Pharmaceuticals (VRTX) on April 10, entered into a merger agreement with Alpine Immune Sciences (ALPN) for about $4.9 billion in cash, gaining access to the biotech firm’s treatment for various autoimmune diseases of the kidney.
Under the terms of the agreement, Vertex will acquire Alpine Immune Sciences at $65 per share in cash, which represents a premium of 38.18% from its last close.
Through this deal Vertex will have access to Alpine’s povetacicept drug, which is in mid-stage development for the treatment of IgA nephropathy (IgAN), also known as Berger disease, and is on track to enter Phase 3 clinical development in the second half of 2024.
Berger disease happens when a germ-fighting protein called immunoglobulin A (IgA) builds up in the kidneys. This causes inflammation that, over time, can make it harder for the kidneys to filter waste from the blood.
Povetacicept works by targeting BAFF and APRIL, which are the two types of proteins that work together to trigger various autoimmune diseases in the human body.
Vertex currently has U.S. Food and Drug Administration approved medicines that treat the underlying causes of multiple chronic, life-shortening genetic diseases — cystic fibrosis, sickle cell disease and transfusion-dependent beta thalassemia.
In the event of termination of the merger, which is expected to close on April 10, 2025, Alpine will have to pay a fee of $173 million to Vertex.
For additional information, you can refer to the Deal Metrics here:
Disclaimer: This article is for informational purposes only. It is recommended to conduct your own research and due diligence before making any decisions related to buying or selling securities mentioned herein. The accuracy and completeness of the data and content provided in this article are not warranted.