US-based BioCryst Pharmaceuticals and Idera Pharmaceuticals have entered a definitive merger agreement focused on the development and commercialisation of medicines for patients with rare diseases.
To be renamed and led by Idera CEO Vincent Milano upon closing, the combined entity is set to leverage collective skills sets, internal expertise and assets to form a sustainable biotechnology company.
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The synergistic discovery engines of the firms, with different research technologies and expertise, are expected to expand the therapeutic targets and candidates.
Their development pipeline currently comprises four late-stage programmes, BCX7353 capsule for prophylactic treatment of hereditary angioedema (HAE), IMO-2125 to treat PD1-refractory melanoma, IMO-8400 for dermatomyositis and liquid BCX7353 for acute treatment of HAE.
Milano said: “The new company will have a robust late-stage pipeline with two Phase III candidates and two Phase II candidates, with several important catalysts for these programmes anticipated in 2018.
“We believe we will be well positioned to bring that portfolio to market with our proven commercial leadership team and business development opportunities.”
It is estimated that the combine company will hold a financial strength of $243m net cash balance, with potential to boost the funding for clinical development, commercial launch and business development.
BioCryst Pharmaceuticals president and CEO Jon Stonehouse said: “Combining our respective pipelines, infrastructures and financial resources should enable the new company to grow faster, deliver for patients more rapidly and ultimately create sustainable shareholder value well beyond what either would achieve separately.”
The deal, which is subject to stockholder, regulatory approvals and other customary closing conditions, is expected to close during the second quarter of this year.
