Pfizer has announced it has completed its acquisition of US-based Therachon, a clinical stage biotechnology company focusing on rare diseases; the acquisition was first initiated in early May 2019.
According to the terms of the transaction, the Swiss pharma giant has bought Therachon for $340m with a potential $470m additional payments based on key milestones of Therachon’s drug TA-46.
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TA-46 is an investigational medicine for the treatment of achondroplasia, a genetic condition and the most common form of short-limb dwarfism, with no currently approved treatment. It can lead to serious cardiovascular, neurologic and metabolic complications if untreated.
The drug is a soluble recombinant human fibroblast growth factor receptor 3 (FGFR3) decoy, which is believed to normalise overactive FGFR3 signalling pathways that underlie bone development abnormalities. TA-46 has received orphan drug designation from both the European Medicines Agency and the US Food and Drug Administration.
As a result of the deal with Pfizer, Therachon will spin-out its other drug development programme – apraglutide for short bowl syndrome – into another company, which Pfizer will have an equity share in. Apraglutide is a GLP-2 analogue currently in Phase II.
Pfizer chief scientific offer and world research, development and medical president Mikael Dolsten said: “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.”
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By GlobalDataThe company’s Rare Disease Research Unit chief scientific officer and senior vice-president Seng Cheng added: “Pfizer’s existing research programs for pediatric growth disorders provide a complementary setting for this potential breakthrough therapy.”
Therachon chief executive officer Luca Santarelli commented: “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 fulfil Therachon’s vision of addressing the complications suffered by children with achondroplasia by targeting the molecular root causes of this condition.”
