OR WAIT null SECS
Shire acquires Fibrotech for $75 million.
Shire will take over the development of Fibrotech’s product FT011, which has completed a Phase 1A study in healthy volunteers and is currently in a Phase 1B study in patients with diabetic nephropathy. Subject to successful completion of this trial, the first Phase 2 study is expected to be initiated to enroll focal segmental glomerulosclerosis (FSGS) patients next year. In addition to FT011, Shire has acquired Fibrotech’s library of molecules including FT061, in pre-clinical development that is similar to FT011. It is an oral small molecule that could address both the inflammatory and pro-fibrotic components of fibrosis.
The closing of the acquisition is subject to customary conditions, including approval of Australia's Foreign Investment Review Board.