Global health care company Merck (NYSE:MRK), is to acquire* Afferent Pharmaceuticals, a San Mateo, CA-based pharmaceutical company that develops therapeutic candidates targeting the P2X3 receptor for the treatment of common, poorly-managed, neurogenic conditions, for up to $1.25 billion.
Founded by Anthony Ford, Ph.D., Pappas Ventures, Third Rock Ventures, Domain Associates, New Leaf Venture Partners and Roche Ventures, following the exclusive license of Roche’s P2X3 program and led by Kathleen Sereda Glaub, chief executive officer, Afferent is advancing AF-219, a selective, non-narcotic, orally-administered P2X3 antagonist currently being evaluated in a Phase 2b clinical trial for the treatment of refractory, chronic cough as well as in a Phase 2 clinical trial in idiopathic pulmonary fibrosis (IPF) with cough.
A second compound, AF-130, completed Phase 1 clinical testing and is scheduled to advance to Phase 2 trials in non-respiratory conditions.
Through a subsidiary, Merck will acquire all outstanding stock of Afferent in exchange for an upfront payment of $500m in cash. Afferent shareholders will also be eligible to receive a total of up to an additional $750m associated with the attainment of certain clinical development and commercial milestones for multiple indications and candidates, including AF-219.
*The closing of the transaction is subject to some conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The deal will is expected to close in the third quarter of 2016.
FinSMEs
10/06/2016