Expands Pfizer’s rare disease portfolio with potential
first-in-class therapy for achondroplasia, a genetic condition and
the most common form of short-limb dwarfism
Pfizer (NYSE: PFE) today announced that it has entered into a
definitive agreement to acquire all the shares of Therachon Holding
AG, a privately-held clinical-stage biotechnology company focused
on rare diseases, with assets in development for the treatment of
achondroplasia and short bowel syndrome (SBS). Under the terms of
the agreement, Pfizer will acquire Therachon for $340 million
upfront with an additional $470 million in additional payments
contingent on the achievement of key milestones in the development
and commercialization of TA-46 for the treatment of achondroplasia,
a genetic condition and the most common form of short-limbed
dwarfism. Achondroplasia can result in serious cardiovascular,
neurological and metabolic complications for approximately 250,000
people worldwide. There are currently no approved treatments for
achondroplasia.
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TA-46 is an investigational, soluble recombinant human
fibroblast growth factor receptor 3 (FGFR3) decoy, a mechanism of
action that is believed to normalize the overactive FGFR3 signaling
pathways that underlie bone development abnormalities associated
with achondroplasia. Therachon is developing TA-46 as a weekly
subcutaneous injection for children and adolescents living with the
condition. TA-46 has completed Phase 1 and has received Orphan Drug
Designation from the European Medicines Agency (EMA) and the U.S.
Food and Drug Administration (FDA).
Prior to the closing of the transaction with Pfizer, Therachon
will spin-off its apraglutide development program into a separate,
independent company. Apraglutide is a once-weekly, potential
best-in-class GLP-2 analog in Phase 2 development for short bowel
syndrome. Pfizer Ventures, the venture capital arm of Pfizer Inc.,
currently holds a minority stake and will continue to hold an
equity stake in the new company.
“At Pfizer, our strategy is focused on advancing the most
promising science in the world, regardless of whether it is found
inside or outside of our labs,” said Mikael Dolsten, Pfizer Chief
Scientific Officer and President, Worldwide Research, Development,
and Medical. “By acquiring Therachon, we hope to leverage Pfizer’s
leading scientific and development capabilities to more rapidly
advance this potentially promising therapy for people with
achondroplasia.”
Therachon Chief Executive Officer Luca Santarelli added, “We are
thrilled that the work we have done to discover and advance a novel
and potentially life-transforming medicine for achondroplasia is
now being continued by Pfizer. With its rare disease expertise and
worldwide reach, Pfizer is well positioned to accelerate the
development of TA-46 and fulfill Therachon’s vision of addressing
the complications suffered by children with achondroplasia by
targeting the molecular root causes of this condition.”
The acquisition complements Pfizer’s existing research portfolio
in rare diseases. “Through the acquisition of Therachon, we believe
that we have a significant opportunity to transform the lives of
young people with achondroplasia who courageously endure lifelong
complications from short-limb dwarfism,” said Seng Cheng, Senior
Vice President and Chief Scientific Officer of Pfizer’s Rare
Disease Research Unit. “Pfizer’s existing research programs for
pediatric growth disorders provide a complementary setting for this
potential breakthrough therapy.”
“Therachon is a great example of the value that can be built
from cutting edge European science,” said Therachon Chairman Tom
Woiwode, Managing Director at Versant Ventures. “By coupling that
research with a strong group of investors and an exceptional
management team, Therachon developed a highly innovative therapy
for a seriously debilitating condition. We look forward to Pfizer
continuing to develop TA-46 in the hope that it will significantly
improve the lives of children suffering from achondroplasia.”
No other terms of the transaction were disclosed.
Goldman Sachs is acting as exclusive financial advisor and
Cooley LLP and Homburger AG are acting as legal advisors to
Therachon. Arnold & Porter and Lenz & Staehelin are serving
as legal advisors to Pfizer.
Pfizer Inc.: Working together for a healthier
world®
At Pfizer, we apply science and our global resources to bring
therapies to people that extend and significantly improve their
lives. We strive to set the standard for quality, safety and value
in the discovery, development and manufacture of health care
products. Our global portfolio includes medicines and vaccines as
well as many of the world’s best-known consumer health care
products. Every day, Pfizer colleagues work across developed and
emerging markets to advance wellness, prevention, treatments and
cures that challenge the most feared diseases of our time.
Consistent with our responsibility as one of the world’s premier
innovative biopharmaceutical companies, we collaborate with health
care providers, governments and local communities to support and
expand access to reliable, affordable health care around the world.
For more than 150 years, we have worked to make a difference for
all who rely on us. We routinely post information that may be
important to investors on our website at www.pfizer.com. In
addition, to learn more, please visit us on www.pfizer.com and
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About Therachon
Therachon is a clinical-stage global biotechnology company
focused on the discovery and development of innovative treatment
for severe, rare conditions with significant unmet need. The
company is currently advancing a pipeline of therapeutics focused
on rare gastrointestinal and musculoskeletal disorders and
conditions, including both achondroplasia and short bowel syndrome.
Therachon is committed to making a difference in the lives of
patients living with serious rare conditions. For more information,
visit www.therachon.com. Visit us on Twitter. Visit us
on LinkedIn.
Pfizer Disclosure Notice
The information contained in this release is as of May 8, 2019.
Pfizer assumes no obligation to update forward-looking statements
contained in this release as the result of new information or
future events or developments.
This release contains forward-looking information about Pfizer’s
acquisition of Therachon Holding AG (Therachon), TA-46 for the
treatment of achondroplasia and apraglutide for the treatment of
for short bowel syndrome, including their potential benefits, that
involves substantial risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements. Risks and uncertainties include, among other
things, risks related to the satisfaction of the conditions to
closing the transaction in the anticipated timeframe or at all and
the possibility that the transaction does not close; risks related
to the ability to realize the anticipated benefits of the
transaction, including the possibility that the expected benefits
from the transaction will not be realized or will not be realized
within the expected time period; the risk that the businesses will
not be integrated successfully; disruption from the transaction
making it more difficult to maintain business and operational
relationships; unknown liabilities; the risk of litigation and/or
regulatory actions related to the proposed transaction; other
business effects, including the effects of industry, market,
economic, political or regulatory conditions; future business
combinations or disposals; the uncertainties inherent in research
and development, including the ability to meet anticipated clinical
endpoints, commencement and/or completion dates for our clinical
trials, regulatory submission dates, regulatory approval dates
and/or launch dates, as well as the possibility of unfavorable new
clinical data and further analyses of existing clinical data; the
risk that clinical trial data are subject to differing
interpretations and assessments by regulatory authorities; whether
regulatory authorities will be satisfied with the design of and
results from the clinical studies; whether and when any
applications may be filed in any jurisdiction for TA-46 or
apraglutide; whether and when any such applications may be approved
by regulatory authorities, which will depend on myriad factors,
including making a determination as to whether the product’s
benefits outweigh its known risks and determination of the
product’s efficacy and, if approved, whether any such gene therapy
product candidate will be commercially successful; decisions by
regulatory authorities impacting labeling, manufacturing processes,
safety and/or other matters that could affect the availability or
commercial potential of any such gene therapy product candidate;
and competitive developments.
A further description of risks and uncertainties can be found in
Pfizer’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2018 and in its subsequent reports on Form 10-Q,
including in the sections thereof captioned “Risk Factors” and
“Forward-Looking Information and Factors That May Affect Future
Results”, as well as in its subsequent reports on Form 8-K, all of
which are filed with the U.S. Securities and Exchange Commission
and available at www.sec.gov and www.pfizer.com.
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PfizerMedia Relations:Patricia Kelly+1 (212)
733-3810patricia.kelly@pfizer.comInvestor Relations:Ryan Crowe+1
(212) 733-8160ryan.crowe@pfizer.comTherachonMedia
Relations:Morgan Warners+1 (202) 337-0808mwarners@gpg.com
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