In its evaluation of the Offer, the Committee also took into account the Irrevocable Undertakings from Wilson Therapeutics main shareholders, including HealthCap, Abingworth Bioventures, MVM Fund and NeoMed Innovation, whose shareholding, together with the other shareholders that have undertaken to accept the Offer, represents approximately 66.1 per cent of the total number of shares and votes in Wilson Therapeutics. Alexion said it has also obtained shareholder support agreements from the four largest shareholders accounting for 57.4% of Wilson Therapeutics outstanding shares and two additional shareholders accounting for 8.7% for a total of 66.1% of Wilson Therapeutics outstanding shares. Alexion today launched a tender offer in which, through a wholly-owned subsidiary, it will offer SEK 232 ($27.89) cash for each outstanding share of Wilson Therapeutics. Alexion has not received any inside information relating to Wilson Therapeutics in connection with its due diligence investigation. Gefurulimab is an investigational, anti-C5 albumin-binding humanized bispecific VHH antibody optimized for sub-cutaneous delivery. By Mark Terry. Alexion is a global leader in rare diseases with a proven record of developing and commercializing therapies for patients with rare diseases, making them a great partner to make WTX101 available to Wilson disease patients worldwide, said Jonas Hansson, CEO of Wilson Therapeutics. Alexion has obtained shareholder support agreements from the four largest shareholders accounting for 57.4% of Wilson Therapeutics outstanding shares and two additional shareholders accounting for 8.7% for a total of 66.1% of Wilson Therapeutics outstanding shares, to the effect that these shareholders have undertaken to accept the offer on certain terms. When the livers capacity for copper storage is exceeded, and when liver cells are injured, copper is released into the circulation and may accumulate in other organs, including the central nervous system. Hepatology, 47(6), 2089-2111. In order to give Wilson Therapeutics shareholders additional time to accept the offer, Alexion has extended the acceptance period until June 8, 2018. Alexion Therapeutics Inc. plans on spending $855 million to acquire a Swedish biotech and its late-stage rare disease candidate. ALXN1820 is an investigational, anti-properdin humanized bispecific VHH antibody. The deal is expected to close in the second quarter. Vinge is serving as legal counsel to Wilson Therapeutics. Alexion Pharmaceuticals, Inc. completed the acquisition of Wilson As of Dec. 31, the big biotech had $584 million in cash and cash equivalents and $890 million in marketable securities. Alexion Pharmaceuticals, a subsidiary of AstraZeneca, is a pharmaceutical company headquartered in Boston, Massachusetts that specializes in orphan drugs to treat rare diseases . As a father of two young children, Donnan recalls being afraid of what the future would hold prior to his diagnosis. FoCus 2000-2023 Investor's Business Daily, LLC. Since the acceptance level condition has not been fulfilled, Agnafit Bidco hereby withdraws the offer, Agnafit Bidco said in a statement. SE-111 43 Stockholm Alexion Offer for Wilson Therapeutics Accepted | Alexion development and commercialisation of life-changing medicines. The cookie is used to store the user consent for the cookies in the category "Performance". EASL clinical practice guidelines: Wilsons disease. April 11, 2018 Alexion Pharmaceuticals plans to shell out $855 million to acquire Wilson Therapeutics, the companies said today, in a deal that would add its Phase III candidate for the rare. The company is listed in the Mid-Cap segment on Nasdaq Stockholm with the stock ticker WTX. Wilson Therapeutics also notes that the company had received an unsolicited, non-binding bid prior to Alexions in early 2018 from an undisclosed company. All rights reserved. Alexion has made a recommended public cash offer to the shareholders in Wilson Therapeutics to acquire all outstanding shares in the company by way of a tender offer. This website is intended for people seeking information on AstraZeneca's worldwide business. This is later-stage, so I think it will be asset-specific where it fits in in terms of the next kind of transactions to rebuild the clinical pipeline.". The total equity value of the transaction amounts to SEK 7,100 million, based on . J Hepatol6(53): 671-685. 2. The Blazing Weight-Loss Drug Battle: Can Anyone Unseat Undisputed Leaders Novo Nordisk And Lilly? Get the free daily newsletter read by industry experts. Alexion Pharmaceuticals has announced that it will acquire Swedish biopharmaceutical company Wilson Therapeutics for $855m. All rights reserved. Wilson disease occurs when excess copper builds up in tissues including the liver and brain, leading to organ damage. 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SpaceX. Alexion, through a wholly owned subsidiary, has offered SEK 232 in cash for each outstanding share of Wilson Therapeutics. Topics covered: Gene replacement therapy, gene editing, engineered cell therapy, manufacturing, pricing, reimbursement and much more. Veeva ID: Z4-46798Date of next review: August 2024. Realtime quote and/or trade prices are not sourced from all markets. In Wilson disease patients, a genetic abnormality disrupts the biliary excretion pathway and excess copper accumulates in liver cells. You have entered an incorrect email address! WTX101 has received Fast Track designation in the U.S. and Orphan Drug Designation for the treatment of Wilson disease in the U.S. and EU. "The priority, in terms of capital allocation, is to rebuild the pipeline with an emphasis on the clinical-stage. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. WTX101 has received Fast Track designation in the U.S. and Orphan Drug Designation for the treatment of Wilson disease in the U.S. and EU. The Phase III results provide evidence that tissue-bound copper remains built-up in the organs even in patients who have been on SoC therapy for many years, and the potential for ALXN1840 to provide a new approach to mobilise and safely sequester copper from tissues.. Kanuma treats a condition known as Wolman disease, which happens when the body doesn't produce enough of a specific enzyme. Price increases for Cuprimine and Syprine were "front and center" during the public outcry over spiking drug prices, Raymond said. Our culture is rooted in integrity, inclusiveness, and our dedication to joining and supporting the communities in which we live and work. Topics covered: startup launches, funding, IPOs and much more. And at the heart of everything we do is an intense desire to pursue the toughest challenges and truly change the world for people living with rare and devastating diseases. Alexion Acquires Swedish Treatment for Wilson's Disease - Labiotech.eu Completion of the Offer is conditional upon customary conditions, inter alia, that it is accepted to the extent that Alexion becomes the owner of more than 90 percent of the total number of shares in Wilson Therapeutics as well as the receipt of all necessary regulatory, governmental or similar clearances, approvals and decisions, including from competition authorities, in each case on terms which, in Alexions opinion, are acceptable. ALXN1840 Phone: +46 8 588 941 50, LINK Medical acquires PCG Clinical Services, Amgen to acquire Five Prime Therapeutics for USD 1.9 billion. 1985 - 2023 BioSpace.com. WTX101 is an innovative product that addresses the underlying cause of the disease and has the potential to define a new standard of care in treating Wilson disease, an area that has not had a new treatment in over two decades. At the same time, the broader biotech group advanced 0.2%. The announcement saw relatively muted market response. Please refer to Alexions press release regarding the Offer for more information about the Irrevocable Undertakings. WTX101 is a binding agent with a unique mechanism of action and ability to access and bind to copper and promote its removal from the liver. Teva Pharmaceutical reported lighter-than-expected earnings for the first quarter, leading Teva stock to plunge Wednesday. EASL clinical practice guidelines: Wilsons Disease. The deal has been approved by both Alexions board, and has won a recommended approval from the Independent Committee of Wilson Therapeutics board. Untreated, Wilson disease leads to various combinations and severity of hepatic, neurologic, and psychiatric symptoms, and can be fatal.1,2. These cookies track visitors across websites and collect information to provide customized ads. Alexion Pharmaceuticals Profile. Pipeline | Alexion PIPELINE Advancing Our Pipeline Every Day We're building on our fundamental understanding of complement biology and advancing on our core therapeutic areas of hematology, nephrology, neurology, metabolics, and cardiology. Clinical presentation, diagnosis and long-term outcome of Wilsons disease: a cohort study.Gut56: 115-120. Alexion Clears A Path For 2nd Generation PNH Drug - Seeking Alpha In addition, Alexion has two highly innovative enzyme replacement therapies for patients with life-threatening and ultra-rare metabolic disorders, hypophosphatasia (HPP) and lysosomal acid lipase deficiency (LAL-D). The acquisition creates an opportunity to accelerate Alexion's growth in genomic medicines through unique technology, an experienced rare disease R&D team, and expertise . PCG Clinical Services completes our span of offerings within clinical contract, The company in September agreed to an 8 billion USD takeover by Advent and Aurora, an investment vehicle of Singapores GIC Pte Ltd, through Agnafit Bidco. Together, on Rare Disease Day and every day we can make a powerful difference. In addition, Polar Capital, holding 7.3% of Wilson Therapeutics outstanding shares, has expressed its support for, and intends to accept, the Offer, for a total support of 73.4%. significantly reduced patients'free copper levels 72% after about three months. Due to the timeline for the Offer, the Board of Directors has decided to postpone the 2018 AGM, which was initially scheduled to be held on 16 May 2018. "Unlike the requirement with Kanuma to find and diagnose patients to drive revenue growth, Wilson disease patients are generally diagnosed and actively managed by hepatologists or neurologists, which would make initiating patients on WTX101 relatively easier," he said. Alexion struck a deal to buy Stockholm-based Wilson Therapeutics for $855 million in cash. Learn More. At present, WTX101 is in an approximately 100-patient Phase III study (NCT03403205) assessing the drugs safety and efficacy in adults with Wilson disease following 48 weeks of administration, compared with standard of care. The drug is a first-in-class copper-binding agent. Added Wilson Therapeutics CEO Jonas Hansson: Alexion is a global leader in rare diseases with a proven record of developing and commercializing therapies for patients with rare diseases, making them a great partner to make WTX101 available to Wilson disease patients worldwide.. Data backs AZ's Wilson disease drug, but with a question mark The Connecticut-based company has just three programs in late-stage development, two of which are for its Soliris(eculizumab) follow-on,ALXN1210. Close to three-quarters of Wilson's shareholders have either agreed to or expressed support for the offer. Alexion Pharmaceuticals To Buy Rare Disease Player Wilson Therapeutics Danicopan is an investigational, oral, factor D inhibitor. In patients with Wilson disease, a genetic mutation disables this biliary excretion pathway and excess copper accumulates over time in the liver cells. WTX101 answers two significant unmet needs, Piper Jaffray's Raymond said. Wilson Therapeutics AB (publ) The tender offer is expected to complete and the transaction is expected to close in the second quarter of 2018. Any reference in these archives to AstraZeneca products or their uses may not reflect current medical knowledge and should not be used as a source of information on the present product label, efficacy data or safety data. Valeant acquired it and Cuprimine in 2010. Clearly, Alexion sees opportunity in Wilson disease, and WTX101could help it seize on that. Buying Wilson Therapeutics adds much-needed diversity to Alexion's pipeline. Site By Web Design. J Hepatol, 56(3), 671-685. Alexion Pharmaceuticals, Inc.ALXN is the latest company to join the ongoing acquisitions spree in the biotech sector. Additional analyses, including individual patient-reported outcomes and clinician-reported functional assessments, are ongoing and will be presented at an upcoming medical meeting. ET, Presented by studioID and Thermo Fisher Scientific, Webinar Syprine was invented decades ago. Under the Takeover Rules the Committee is required, on the basis of Alexions statements in the announcement of the Offer, to make public its opinion of the effects the implementation of the Offer may have on Wilson Therapeutics, specifically employment, and its views on Alexions strategic plans for Wilson Therapeutics and the effect these may be expected to have on employment and the places where Wilson Therapeutics conducts its business.