Roche Completes Acquisition of Promedior for up to $1 Billion
Under the agreement, Roche will have access to Promedior's lead product candidate, PRM-15, a recombinant form of human pentraxin-2 that can possibly treat a range of systemic fibrotic diseases.
On Feb. 13, 2020, Roche successfully completed its acquisition of Promedior, a Lexington, MA-based clinical stage biotechnology company, with an upfront payment of $390 million. If all development, regulatory, and commercial milestones are met, Roche will also make additional payments of up to $1 billion.
Under the agreement, Roche will have access to Promedior's lead product candidate, PRM-15, a recombinant form of human pentraxin-2 that can possibly treat a range of systemic fibrotic diseases, according to a Promedior press release. The product candidate recently advanced in human clinical trials and was granted breakthrough therapy designation from FDA in March 2019 for idiopathic pulmonary fibrosis (IPF), a lung disease that causes scarring of the lungs.
“We're excited to announce the close of the Roche acquisition and to join the Roche Group," said Jason Lettmann, CEO of Promedior and general partner of Lightstone Ventures, in the press release. "We look forward to being part of Roche to further advance programs in IPF, hematological cancer, and other fibrotic disorders and bring new treatment options to patients within these areas of significant unmet need."
Source: Promedior
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