PARIS (dpa-AFX) - French drugmaker Ipsen S.A. (IPSEF.PK, IPSEY, IPN.PA) announced on Wednesday that it has agreed to buy Swiss biotech Memo Therapeutics AG for more than 700 million euros including milestones, targeting potravitug, a Phase II antibody for a serious post-transplant kidney infection.
Under the deal, Ipsen will pay 200 million euros upfront on a cash and debt-free basis at the closing, with the remaining in deferred payments tied to development, regulatory and sales milestones.
The deal focuses on potravitug, a first-in-class monoclonal antibody against BK polyomavirus-associated nephropathy, or BKPyVAN, a frequent complication in kidney transplant patients that can cause graft loss. Data from Memo's Phase II SAFE KIDNEY II trial showed potravitug reduced viral load and the incidence of BKPyVAN versus placebo, with no treatment-related serious adverse events.
Potravitug has U.S. FDA fast-track designation and EU orphan drug status.
Ipsen said the results support starting a pivotal Phase II/III trial later this year.
The deal is set to close in the third quarter, subject to customary conditions. Ipsen said the impact is included in its full-year guidance.
Following the deal closure, Memo Therapeutics' assets and employees not related to potravitug will be transferred to a newly incorporated company, Memorises Bio. It will be retained by Memo Therapeutics' shareholders.
On the Paris stock exchange, shares of Ipsen closed Tuesday's trading 2.30 percent higher at 168.80 euros.
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