Dive Brief:
Ipsen plans to buy Memo Therapeutics to expand its rare disease pipeline, adding an experimental medicine poised to start a pivotal trial this year.
Investors in Switzerland-based Memo will receive 200 million euros, or about $227 million, up front and will be eligible for more than 500 million euros in other payments tied to certain development, regulatory and sales goals, the companies said Wednesday. They expect the deal to close in the third quarter.
The purchase focuses on potravitug, an antibody drug designed to combat BK polyomavirus, a pathogen that frequently affects kidney transplant patients and has no approved targeted treatment. Memo employees and assets unrelated to potravitug will become part of a newly incorporated company called Memorises Bio owned by Memo investors.
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