Ipsen shells out $1.31bn to acquire rare disease specialist Clementia Pharmaceuticals
pharmafile | February 25, 2019 | News story | Sales and Marketing | Clementia pharmaceuticals, acquisition, ipsen, rare disease
In a bid to boost its rare disease portfolio prospects, Ipsen has revealed its intention to acquire Clementia Pharmaceuticals, with both companies signing an agreement to this effect valued at $1.31 billion.
As part of the deal, Ipsen will pick up Clementia’s palovarotene, an investigational retinoic acid receptor gamma (RARγ) selective agonist developed for the treatment of fibrodysplasia ossificans progressiva (FOP) and multiple osteochondromas (MO), two rare and disabling bone disorders for which there are no currently available treatments, as well as in other conditions.
Palovarotene has already secured Fast Track and Breakthrough Therapy designations for FOP from the FDA; Ipsen sees the former to be “largely de-risked” with a path to secure approval in 2020,
According to the announcement, the new partnership seeks to leverage “Clementia’s expertise and Ipsen’s global commercial footprint”. The deal has been valued at $25.00 per share, to be paid in cash upfront with a contingent value right (CVR) of $6.00 per share to follow dependent on the securing of marketing authorisation in MO.
“The acquisition of Clementia Pharmaceuticals accelerates the ongoing transformation of Ipsen as we are successfully executing on our external innovation strategy to identify and acquire innovative medicines to serve patients with unmet medical needs,” commented David Meek, Chief Executive Officer of Ipsen. “Through this transaction, we will gain scientific expertise, exceptional talent, and a cornerstone ultra-rare disease drug candidate with rare paediatric disease and breakthrough therapy designations, potential US approval in 2020 and additional indications to follow. We look forward to working closely with Clementia to successfully integrate two companies that share a similar patient-centric culture and the ambition to deliver new treatments to patients with unmet medical needs.”
Dr Clarissa Desjardins, Chief Executive Officer of Clementia, also commented: “I am proud of the entire Clementia team, whose tireless efforts have rapidly advanced palovarotene towards a planned NDA submission, and we are all grateful for the dedication of the patient community and our clinical trial investigators who have supported us along the way. Ipsen’s global commercial presence and capabilities will expedite our shared vision of bringing palovarotene to patients around the world as quickly as possible. We anticipate a smooth transition of our operations into the Ipsen organisation that will continue Clementia’s vision of delivering palovarotene to patients worldwide.”
Matt Fellows
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