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Through the agreement, Roche will gain full rights to the company’s portfolio of molecules for fibrotic diseases, most notably PRM-151, Promedior’s lead product candidate.
Roche announced it is entering into a definitive merger agreement with Promedior, a biotechnology company focused on developing therapeutics for fibrosis, for up to $1.4 billion. Through the agreement, Roche will gain full rights to the company’s portfolio of molecules for fibrotic diseases, most notably PRM-151, Promedior’s lead product candidate.
According to a Nov. 15, 2019 press release issued by Promedior, Roche will make an upfront cash payment of $390 million, with additional payments of up to $1 billion if certain development, regulatory, and commercial milestones are achieved.
PRM-151 is a recombinant form of the human pentraxin-2 protein and is the first molecule to show significant lung function improvements on top of current therapies in idiopathic pulmonary fibrosis (IPF), according to the release. The molecule has moved to human clinical trials and received breakthrough therapy designation from FDA in early 2019 for IPF.
"With [more than] a decade of research, development, and investment, Promedior has demonstrated the unique ability of its pentraxin-2 platform to deliver disease-modifying potential in fibrotic disorders,” said Jason Lettmann, CEO of Promedior and general partner of Lightstone Ventures, in the press release. “Due to Roche's strong expertise in IPF, hematological cancer and other fibrotic disorders, we believe Roche is ideally positioned to bring the potential of our platform to patients and provide new treatment options within these areas of urgent unmet medical need."
"We are excited to combine Promedior's portfolio with our drug development capabilities to further advance PRM-151 in fibrotic diseases, including IPF and [myelofibrosis]," added James Sabry, MD, PhD, global head of Roche Pharma Partnering, in the press release. "With our proven track record in IPF with Esbriet as well as in hematological cancers, we are well-positioned to leverage our clinical and commercial expertise to bring PRM-151 to patients as fast as possible."