Sofinnova Partners announces the acquisition of its portfolio company, Amolyt Pharma, by AstraZeneca for $800 million upfront and a potential $250 million milestone payment. Amolyt specializes in therapeutic peptides for rare endocrine diseases. The deal underscores Sofinnova’s commitment to supporting innovative European companies and marks its second successful exit in a year.
Sofinnova Partners, a prominent European venture capital firm specializing in life sciences with offices in Paris, London, and Milan, proudly announces a significant development in its portfolio. Amolyt Pharma, a clinical-stage biopharmaceutical company focusing on therapeutic peptides for rare endocrine diseases, has inked a definitive agreement with AstraZeneca for its acquisition. This strategic move entails an initial purchase price of $800 million, accompanied by a potential milestone payment amounting to $250 million.
Thierry Abribat, Ph.D., the Founder and CEO of Amolyt Pharma, expressed gratitude for the team’s accomplishments in developing a therapeutic portfolio addressing unmet needs in rare endocrine disorders. He highlighted the pivotal role of last year’s Series C financing, which propelled their momentum, particularly with eneboparatide, and paved the way for partnering with AstraZeneca Rare Disease to globally deliver innovative therapies for patients with rare endocrinology diseases. Abribat extended his appreciation to Sofinnova Partners and all investors for their steadfast confidence in Amolyt’s team and support of their strategic vision.
Cédric Moreau, a Partner at Sofinnova Crossover Strategy, commended Amolyt’s team on the impending acquisition by AstraZeneca, reflecting on Sofinnova’s commitment to nurturing innovative European companies during critical growth phases. He underscored the significance of this milestone in demonstrating Sofinnova’s investment thesis in action and reiterated the firm’s dedication to supporting companies like Amolyt in developing groundbreaking solutions for rare diseases.
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Antoine Papiernik, Managing Partner & Chairman of Sofinnova Partners, emphasized the significance of this exit as the firm’s second successful one in the past year, underscoring the strength of their Crossover Strategy and their enduring presence in the endocrinology space. He praised Thierry Abribat as a visionary leader embodying the kind of serial biotech entrepreneurs Sofinnova Partners collaborates with.
Marc Dunoyer, CEO of Alexion, AstraZeneca Rare Disease, highlighted the pressing need for alternatives to current supportive therapies for chronic hypoparathyroid patients. He expressed confidence in eneboparatide’s potential to address this need effectively, emphasizing Alexion’s leadership in rare diseases and its capacity to drive late-stage development and global commercialization. Dunoyer underscored the significance of Amolyt’s expertise and pipeline in facilitating Alexion’s expansion into rare endocrinology.
Amolyt Pharma’s clinical pipeline features distinctive therapeutic peptides targeting underserved rare endocrine diseases. Eneboparatide (AZP-3601), currently in Phase 3, is an investigational daily subcutaneous injectable parathyroid hormone receptor 1 (PTHR1) agonist designed for the treatment of hypoparathyroidism. Additionally, AZP-3813, in Phase 1, is a peptide growth hormone receptor antagonist intended for the potential treatment of acromegaly.
The terms of the agreement outline that AstraZeneca will acquire all outstanding shares of Amolyt Pharma for a total consideration of up to $1.05 billion, on a cash and debt-free basis. This comprises an upfront payment of $800 million at the deal’s closing, with an option for Amolyt Pharma’s shareholders to receive an additional contingent payment of $250 million upon reaching a specified regulatory milestone.
The transaction is subject to customary closing conditions stipulated in the acquisition agreement, including regulatory clearances, and is anticipated to conclude by the end of the third quarter of 2024.
Centerview Partners LLC and Goldman Sachs Bank Europe SE served as financial advisors to Amolyt, while Cooley LLP and Jones Day acted as legal counsels for Amolyt and its shareholders, ensuring a smooth and well-structured acquisition process.