SOFINNOVA-PARTNERS
14.3.2024 11:01:28 CET | Business Wire | Press release
Sofinnova Partners (“Sofinnova"), a leading European life sciences venture capital firm based in Paris, London, and Milan, today announced that its portfolio company, Amolyt Pharma, a global, clinical-stage biopharmaceutical company specializing in the development of therapeutic peptides for rare endocrine and related diseases has entered into a definitive agreement with AstraZeneca for its acquisition, with an upfront purchase price of $800 million and a potential milestone payment of $250 million.
“We are proud of the remarkable achievements of our team, developing a therapeutic portfolio tackling unmet needs for rare endocrine and related diseases. Last year's Series C financing laid the foundation for the momentum with eneboparatide, propelling us forward to partner with Alexion, AstraZeneca Rare Disease, to bring innovative therapies to patients with rare endocrinology diseases globally. We are thankful to Sofinnova Partners and all the investors for their continued confidence in our team and for their support of our strategy,” said Thierry Abribat, Ph.D., Founder and Chief Executive Officer of Amolyt Pharma.
“Congratulations to the Amolyt team on its proposed acquisition by AstraZeneca. Leading Amolyt’s Series C financing round in January 2023 was an honor. This milestone demonstrates Sofinnova's investment thesis in action, showcasing our commitment to supporting innovative European companies during their critical growth stage. In Amolyt's case, it exemplifies our commitment to supporting a company developing groundbreaking solutions in a later stage of development for rare disease patients,” noted Cédric Moreau, Partner with the Sofinnova Crossover Strategy.
“This marks our second successful exit within the past year, reaffirming the strength of our Crossover Strategy and our longstanding presence in the endocrinology space. Thierry, is a visionary leader and embodies the serial biotech entrepreneurs we partner with,” added Antoine Papiernik, Managing Partner & Chairman of Sofinnova Partners.
Marc Dunoyer, Chief Executive Officer, Alexion, AstraZeneca Rare Disease, said: “Chronic hypoparathyroid patients face a significant need for an alternative to current supportive therapies, which do not address the underlying hormone deficiency. As leaders in rare disease, Alexion is uniquely positioned to drive the late-stage development and global commercialisation of eneboparatide, which has the potential to lessen the often debilitating impact of low parathyroid hormone and avoid the risks of high-dose calcium supplementation. We believe this programme, together with Amolyt’s talented team, expertise, and earlier pipeline, will enable our expansion into rare endocrinology.”
Amolyt’s clinical pipeline includes differentiated therapeutic peptides for the treatment of underserved rare endocrine disease. Eneboparatide (AZP-3601) is an investigational daily subcutaneous injectable parathyroid hormone receptor 1 (PTHR1) agonist for the treatment of hypoparathyroidism, that is currently in Phase 3. AZP-3813 is a peptide growth hormone receptor antagonist for the potential treatment of acromegaly that is in Phase 1.
Terms of the agreement
Under the terms of the agreement, AstraZeneca will acquire all of Amolyt Pharma’s outstanding shares for a total consideration of up to $1.05B, on a cash and debt free basis. This includes $800 million upfront at deal closing, plus the right for Amolyt Pharma’s shareholders to receive an additional contingent payment of $250 million payable upon achievement of a specified regulatory milestone.
Subject to the satisfaction of customary closing conditions in the acquisition agreement, including regulatory clearances, the transaction is expected to close by the end of the third quarter of 2024.
Centerview Partners LLC and Goldman Sachs Bank Europe SE acted as financial advisors to Amolyt, and Cooley LLP and Jones Day acted as legal counsels for Amolyt and its shareholders.
About Amolyt Pharma
Amolyt Pharma, a clinical stage biotechnology company, is building on its team’s established expertise to deliver life-changing treatments to patients suffering from rare endocrine and related diseases. Its development portfolio includes eneboparatide (AZP-3601), a long-acting PTH1 receptor agonist as a potential treatment for hypoparathyroidism, and AZP-3813, a peptide growth hormone receptor antagonist for the potential treatment of acromegaly. Amolyt Pharma aims to further expand and develop its portfolio by leveraging its global network in the field of endocrinology and with support from a strong syndicate of international investors. To learn more, visit https://amolytpharma.com/ or follow us on Twitter and LinkedIn.
About Sofinnova Partners
Sofinnova Partners is a leading European venture capital firm in life sciences, specializing in healthcare and sustainability. Based in Paris, London and Milan, the firm brings together a team of professionals from all over the world with strong scientific, medical and business expertise. Sofinnova Partners is a hands-on company builder across the entire value chain of life sciences investments, from seed to later-stage. The firm actively partners with ambitious entrepreneurs as a lead or cornerstone investor to develop transformative innovations that have the potential to positively impact our collective future.
Founded in 1972, Sofinnova Partners is a deeply established venture capital firm in Europe, with 50 years of experience backing over 500 companies and creating market leaders around the globe. Today, Sofinnova Partners has over €2.5 billion under management. For more information, please visit: sofinnovapartners.com.
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