Vertex and Concert Pharmaceuticals Complete Asset Purchase Agreement for CTP-656
July 25 2017 - 4:01PM
Business Wire
Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) and Concert
Pharmaceuticals, Inc. (NASDAQ: CNCE) today announced the completion
of their previously announced asset purchase agreement. Under the
completed agreement, Vertex now has worldwide development and
commercialization rights to CTP-656 and other assets related to the
treatment of cystic fibrosis (CF). CTP-656 is an investigational
cystic fibrosis transmembrane conductance regulator (CFTR)
potentiator that has the potential to be used as part of future
once-daily combination regimens of CFTR modulators that treat the
underlying cause of cystic fibrosis. Concert received $160 million
in cash upon closing and is eligible to receive up to $90 million
in additional milestones based on regulatory approval in the U.S.
and reimbursement in the U.K., Germany or France.
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About Vertex
Vertex is a global biotechnology company that invests in
scientific innovation to create transformative medicines for people
with serious and life-threatening diseases. In addition to clinical
development programs in CF, Vertex has more than a dozen ongoing
research programs focused on the underlying mechanisms of other
serious diseases.
Founded in 1989 in Cambridge, Mass., Vertex’s headquarters
is now located in Boston’s Innovation District. Today, the company
has research and development sites and commercial offices
in the United States, Europe, Canada and
Australia. Vertex is consistently recognized as one of the
industry’s top places to work, including being named
to Science magazine’s Top Employers in the life sciences
ranking for seven years in a row. For additional information and
the latest updates from the company, please
visit www.vrtx.com.
About Concert
Concert Pharmaceuticals is a clinical stage
biopharmaceutical company focused on applying its DCE Platform®
(deuterated chemical entity platform) to create novel medicines
designed to address unmet patient needs. The Company's approach
starts with approved drugs in which deuterium substitution has the
potential to enhance clinical safety, tolerability or efficacy.
Concert has a broad pipeline of innovative medicines
targeting autoimmune and inflammatory diseases and central nervous
systems (CNS) disorders. For more information please visit
www.concertpharma.com.
Vertex’s Special Note Regarding Forward-looking
Statements
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995,
including, without limitation, statements regarding potential
milestone payments. While Vertex believes the forward-looking
statements contained in this press release are accurate, these
forward-looking statements represent the company's beliefs only as
of the date of this press release and there are a number of factors
that could cause actual events to differ materially from those
indicated by such forward-looking statements. These risks and
uncertainties include, among other things, the risks listed under
Risk Factors in Vertex's annual report and quarterly reports filed
with the Securities and Exchange Commission and available through
the company's website at www.vrtx.com. Vertex disclaims any
obligation to update the information contained in this press
release as new information becomes available.
Concert’s Cautionary Note on Forward-looking
Statements
Any statements in this press release about our future
expectations, plans and prospects, including statements about the
potential payments to be received pursuant to the asset purchase
agreement and other statements containing the words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "should,"
"target," "would," and similar expressions, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors, including the factors
discussed in the "Risk Factors" section of our most recent
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission and in other filings that we make with the
Securities and Exchange Commission. In addition, any
forward-looking statements included in this press release represent
our views only as of the date of this release and should not be
relied upon as representing our views as of any subsequent date. We
specifically disclaim any obligation to update any forward-looking
statements included in this press release.
(VRTX-GEN)
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version on businesswire.com: http://www.businesswire.com/news/home/20170725006416/en/
VertexInvestors:Michael Partridge, +1 617-341-6108orEric
Rojas, +1 617-961-7205orZach Barber, +1 617-341-6470orMedia:Heather
Nichols,
617-961-5093mediainfo@vrtx.comorConcertInvestors:Concert
Pharmaceuticals, Inc.Justine Koenigsberg,
781-674-5284ir@concertpharma.comorMedia:The Yates NetworkKathryn
Morris, 845-635-9828kathryn@theyatesnetwork.com
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