Combination expands gene therapy programs for treatment of rare diseases
Cooley advised Agilis Biotherapeutics on its agreement to be acquired by PTC Therapeutics for $200 million. Partner Miguel Vega led the Cooley team advising Agilis on the sale.
The acquisition will create a diversified and expanded pipeline with four gene therapies for the treatment of rare diseases that affect the central nervous system. Under the terms of the merger agreement, PTC will pay an upfront consideration of $50 million in cash and approximately $150 million in PTC common stock. In addition, Agilis equityholders will be entitled to receive contingent payments from PTC based on achievement of certain future regulatory, development and net sales milestones in an aggregate of up to $745 million in cash as well as a percentage of net sales for Friedreich ataxia and Angelman Syndrome during specified terms, ranging from 2-6%.
“I am proud of the accomplishments achieved by Agilis culminating with this value-creating transaction,” said Mark Pykett, president and CEO of Agilis, in a news release. “PTC provides a global infrastructure and proven capabilities.”
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Agilis is advancing innovative DNA therapeutics designed to provide long-term efficacy for patients with debilitating, often fatal, rare genetic diseases that affect the central nervous system.
Date: August 6, 2018
Source: Cooley
