2024-04-11 09:40:22 ET
Summary
- Boston-based pharma giant Vertex Pharmaceuticais set to acquire Seattle-based biotech company Alpine Immune Sciences for $4.9 billion in cash.
- The acquisition was unanimously approved by both companies' boards of directors and is expected to close later this quarter.
- The deal is driven by Alpine's lead molecule, povetacicept, which has shown potential in treating IgA nephropathy, a serious kidney disease.
- This is an extremely competitive market opportunity, and Vertex conviction on povetacicept appears to be based on a small data sample.
- The deal may be a little overpriced, and may not be the answer to Vertex issues developing drugs outside its $10bn p.a. Cystic Fibrosis franchise, but only time - and more data - will tell.
Investment Overview
Yesterday, after market close, the Boston based Pharma giant Vertex Pharmaceuticals Incorporated ( VRTX ) broke the news that it would acquire Seattle-based biotech company Alpine Immune Sciences, Inc. ( ALPN ) for $65 per share, or ~$4.9bn in cash. In a press release issued last night, Vertex confirmed that:
The transaction was unanimously approved by both the Vertex and Alpine Boards of Directors and is anticipated to close later this quarter.
Read the full article on Seeking Alpha
For further details see:
Vertex To Buy Alpine Immune - Why This Deal Feels Slightly 'Vanilla'