Roche to acquire Promedior in up to $1.4B deal
Earlier, Promedior announced that it has entered into a definitive merger agreement for Roche to acquire Promedior. With this acquisition, Roche will obtain full rights to Promedior's entire portfolio of molecules for serious fibrotic diseases, notably PRM-151. Promedior, a privately held clinical-stage biotechnology company based in Lexington, Massachusetts, has successfully advanced PRM-151 in human clinical trials and received Breakthrough Therapy Designation from the FDA earlier this year for idiopathic pulmonary fibrosis. PRM-151, a recombinant form of human pentraxin-2 protein, has demonstrated both prevention and reversal of fibrosis and opens up new opportunities to treat a wide range of systemic fibrotic diseases. Phase 2 trial results demonstrated that PRM-151 is the first molecule to show significant lung function improvements on top of current therapies in IPF. PRM-151 has also shown promising early clinical trial data in myelofibrosis and its anti-fibrotic mechanism has therapeutic potential in other fibrotic diseases. Under the terms of the merger agreement, Roche will make an upfront cash payment of $390M, plus additional contingent payments of up to $1B based on the achievement of certain predetermined development, regulatory and commercial milestones. The closing of the transaction is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions.