Swiss drugmaker Roche has completed a share purchase agreement to acquire an Irish biotechnology company Inflazome for an upfront payment of €380m.
The deal also allows Inflazome to secure additional contingent payments based on the achievement of certain predetermined milestones.
Based in Dublin, Inflazome is engaged in the development of orally available drugs for the treatment of different inflammatory diseases.
Inflazome CEO Matt Cooper said: “We are delighted to close this deal with Roche, an outstanding pharmaceutical company with a broad commitment to multiple indications.
“With Inflazome now part of the Roche organisation, Inflazome’s pioneering molecules are well-positioned to be developed quickly and effectively so they can help patients suffering from debilitating diseases.”
With the main focus on the development of inflammasome inhibitors, the company has a portfolio of orally available small molecule NLRP3 inhibitors that could be used in the treatment of different inflammatory diseases.
Inflammasomes are expected to advance multiple chronic inflammatory conditions ranging from Parkinson’s and Alzheimer’s to asthma, inflammatory bowel disease, chronic kidney disease, cardiovascular disease, arthritis and NASH.
The acquisition of Inflazome will enable Roche to acquire full rights of its portfolio that includes clinical and preclinical orally available small molecule NLRP3 inhibitors. Inflazome’s lead molecules are said to have successfully completed phase I clinical trials.
Roche is planning to further develop NLRP3 inhibitors across a range of indications with the high unmet medical requirements.
Lazard served as a financial advisor, while Goodwin Procter and Byrne Wallace acted as legal counsel to Inflazome on the transaction.
Inflazome chairman and co-founding investor Manus Rogan said: “It has been a privilege to work alongside Matt, his team and my co-investors.
“The company, which was established just four years ago, developed a portfolio of clinical and pre-clinical molecules with a lean, highly experienced team and limited invested capital.”
In July, Roche announced that its Actemra/RoActemra (tocilizumab) has failed to achieve the primary endpoint in the phase III trial, which included hospitalised patients with severe Covid-19 associated pneumonia.