Deal includes first potential treatment for hypophosphatasia
Alexion Pharmaceuticals has agreed to acquire 100% of the capital stock of Enobia Pharma for US$610m in cash.
Enobia is a biopharmaceutical company based in Montreal, Canada and Cambridge, Massachusetts, which is focused on the development of therapies to treat patients with ultra-rare and life-threatening genetic metabolic disorders.
Enobia’s lead product candidate ENB-0040 (asfotase alfa) is a human recombinant targeted alkaline phosphatase enzyme-replacement therapy for patients suffering hypophosphatasia (HPP), a rare, life-threatening, genetic metabolic disease for which there are no approved drugs.
Alexion will acquire full worldwide development and commercial rights to asfotase alfa, which was awarded orphan drug designation in the US and EU in 2008 and Fast Track status in the US in 2009, and is currently in Phase II clinical development.
In addition to the upfront $610m payment, the Cheshire, Connecticut-based firm will also pay up to $470m in cash upon the achievement of various regulatory and sales milestones.
The deal has been agreed by the Boards of both companies and should be completed in the first quarter.
Alexion intends to finance the transaction through cash on hand and $300m of committed bank debt.
Leonard Bell, chief executive of Alexion, said: ‘Asfotase alfa has shown very compelling Phase II clinical data in infants and juveniles with hypophosphatasia. The acquisition of Enobia is very well aligned with Alexion's objective to develop and deliver life-transforming therapies for patients suffering with ultra-rare, severe, and life-threatening disorders.’