Bioverativ to purchase True North Therapeutics for $400m
Global biotechnology company Bioverativ has entered a definitive agreement to acquire US-based company True North Therapeutics for $400m.
True North Therapeutics a privately held, clinical-stage rare disease biotechnology company.
Under the deal, the investors for True North Therapeutics are also eligible to receive additional payments of up to $425m, contingent on the achievement of future development, regulatory and sales milestones.
As part of the acquisition, Bioverativ will gain worldwide rights to the biotechnology company’s first-in-class monoclonal antibody, TNT009, which is currently in development and will be used to treat cold agglutinin disease (CAD).
Bioverativ CEO John Cox said: “One of our strategic priorities is to invest thoughtfully in business development with a focus on building our pipeline in areas where we believe we can make a real difference for patients.
“This acquisition of True North is aligned with those goals and with our vision to become the leading rare disease company focused on blood disorders. It strengthens our pipeline with a potential first-in-class therapy to treat CAD, a rare blood disorder with a high unmet patient need.”
CAD is a rare and chronic hemolytic condition that usually results in severe anaemia, which requires several transfusions, as well as in life-threatening thrombotic events.
This month, True North’s TNT009 treatment was granted breakthrough therapy designation by the US Food and Drug Administration (FDA) for the treatment of hemolysis in patients with primary CAD.
Designed to selectively inhibit the classical complement pathway by targeting C1s and directly impacting the central mechanism of CAD, TNT009 is currently the only therapy being developed to target C1s.
The product has also received orphan drug designation from the FDA and the European Medicines Agency (EMA).
TNT020, the company’s second molecule, is a discovery-stage, follow-on monoclonal antibody that targets activated C1s with the potential for less-frequent dosing and subcutaneous administration.
The acquisition transaction is expected to close in the middle of this year.