Vertex to Acquire ViaCyte, With the Goal of Accelerating its Potentially Curative VX-880 Programs in Type 1 Diabetes
July 11 2022 - 8:00AM
Business Wire
- ViaCyte brings tools, technologies and assets
with potential to accelerate development of VX-880, Vertex’s fully
differentiated, insulin-producing, stem cell derived islets -
-ViaCyte to be acquired for $320 million in
cash-
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today
announced that the company has entered into a definitive agreement
under which Vertex will acquire ViaCyte, a privately held
biotechnology company focused on delivering novel stem cell-derived
cell replacement therapies as a functional cure for type 1 diabetes
(T1D), for $320 million in cash.
“VX-880 has successfully demonstrated clinical proof of concept
in T1D, and the acquisition of ViaCyte will accelerate our goal of
transforming, if not curing T1D by expanding our capabilities and
bringing additional tools, technologies and assets to our current
stem cell-based programs,” said Reshma Kewalramani, M.D., Chief
Executive Officer and President of Vertex.
Vertex’s VX-880, an investigational allogeneic stem
cell-derived, fully differentiated, insulin-producing islet cell
therapy for T1D, has already achieved proof-of-concept with highly
promising safety and efficacy results from an ongoing Phase 1/2
study which continues to enroll and dose patients. The acquisition
of ViaCyte provides Vertex with complementary assets, capabilities
and technologies including additional human stem cell lines,
intellectual property around stem cell differentiation, and Good
Manufacturing Practice (GMP) manufacturing facilities for
cell-based therapies that could accelerate Vertex’s ongoing T1D
programs. The acquisition also provides access to novel hypoimmune
stem cell assets via the ViaCyte collaboration with CRISPR
Therapeutics.
“ViaCyte’s commitment to finding a functional cure for T1D is
shared by Vertex, and this acquisition will allow Vertex to deploy
ViaCyte’s tools, technologies and assets toward the development of
Vertex’s multiple cell replacement therapy approaches designed to
reduce the burden of millions of people living with T1D worldwide,”
said Michael Yang, President and Chief Executive Officer of
ViaCyte.
Transaction Terms Under the terms of the acquisition,
Vertex will acquire ViaCyte for $320 million in cash. Vertex
anticipates the acquisition will close later this year, subject to
certain conditions, including the expiration of the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act and other
customary conditions.
About ViaCyte ViaCyte is a private cellular therapy
company with a clinical-stage stem cell platform that delivers
therapeutic proteins to restore health in people. The company has
significant clinical experience in patients with T1D; this includes
a first-in-class gene-edited, immune-evasive investigational islet
cell replacement therapy for diabetes that could potentially
eliminate the need for exogenous insulin without requiring
immunosuppression. ViaCyte has received support for its research
from JDRF and the California Institute of Regenerative Medicine and
has established collaborative partnerships with leading companies,
including CRISPR Therapeutics, to advance its therapies for
T1D.
About Vertex Vertex is a global biotechnology company
that invests in scientific innovation to create transformative
medicines for people with serious diseases. The company has
multiple approved medicines that treat the underlying cause of
cystic fibrosis (CF) — a rare, life-threatening genetic disease —
and has several ongoing clinical and research programs in CF.
Beyond CF, Vertex has a robust pipeline of investigational small
molecule, cell and genetic therapies in other serious diseases
where it has deep insight into causal human biology, including
sickle cell disease, beta thalassemia, APOL1-mediated kidney
disease, pain, type 1 diabetes, alpha-1 antitrypsin deficiency and
Duchenne muscular dystrophy.
Founded in 1989 in Cambridge, Mass., Vertex's global
headquarters is now located in Boston's Innovation District and its
international headquarters is in London. Additionally, the company
has research and development sites and commercial offices in North
America, Europe, Australia and Latin America. Vertex is
consistently recognized as one of the industry's top places to
work, including 12 consecutive years on Science magazine's Top
Employers list and one of the 2021 Seramount (formerly Working
Mother Media) 100 Best Companies. For company updates and to learn
more about Vertex's history of innovation, visit www.vrtx.com or
follow us on Facebook, Twitter, LinkedIn, YouTube and
Instagram.
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 made by Dr. Kewalramani and Mr. Yang
in this press release, and statements regarding: (i) the status,
clinical progress, and expected therapeutic benefits of VX-880;
(ii) the potential impact of VX-880 and Vertex’s other T1D
programs, including the potential of the programs to transform or
cure T1D; (iii) future activities and potential benefits of the
acquisition, including the potential acceleration of VX-880 and
Vertex’s other T1D programs, the expansion of capabilities and
tools for use in Vertex’s stem cell-based programs, and the
potential to reduce the burden of disease for people living with
T1D worldwide; and (iv) the potential closing of the acquisition.
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 risks and uncertainties that
could cause actual events or results to differ materially from
those expressed or implied by such forward-looking statements.
Those risks and uncertainties include, among other things, that the
transaction is subject to certain conditions, including the
expiration of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act, that Vertex may not realize the
potential benefits of the transaction, that data from a limited
number of patients may not be indicative of final clinical trial
results, and that data from the company's development programs,
including the T1D programs, may not support registration or further
development of its potential medicines in a timely manner, or at
all, due to safety, efficacy, or other reasons, and other risks
listed under the heading “Risk Factors” in Vertex's annual report
filed with the Securities and Exchange Commission and available
through the company's website at www.vrtx.com and on the SEC’s
website at www.sec.gov. You should not place undue reliance on
these statements. Vertex disclaims any obligation to update the
information contained in this press release as new information
becomes available.
(VRTX-GEN)
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Vertex Pharmaceuticals Incorporated Investors:
Manisha Pai, +1 617-961-1899
Media: mediainfo@vrtx.com or U.S.: +1 617-341-6992 or
Heather Nichols: +1 617-839-3607 or International: +44 20 3204
5275
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