Pharmaceutical firm Roche agreed on Friday to acquire Promedior, a fibrotic disease therapy developer backed by biopharmaceutical company Shire, for up to $1.39bn.
Founded in 2006, Promedior is working on treatments for diseases associated with fibrosis, whereby too much fibrous connective tissue accumulates in organs or tissue, including lung disease idiopathic pulmonary fibrosis (IPF) and a form of bone marrow cancer known as myelofibrosis (MF).
The company’s lead drug candidate, PRM-151, has shown positive results in phase 2 clinical trials and secured breakthrough therapy designation from the US Food and Drug Administration for IPF.
The deal consists of $390m in cash upfront that will be followed by up to $1bn in payments connected to the achievement of development, regulatory and commercial milestones.
Promedior had raised more than $50m in equity funding, completing a $24.5m series D round featuring Shire’s Strategic Investment Group as well as Fibrotic Ventures, Morgenthaler Ventures, HealthCare Ventures, Polaris Venture Partners, Forbion Capital Partners and Easton Capital in 2012.
The latter five had already provided $12m in series C funding for the company in 2010 that came after $6m from unnamed investors the year before and $14m in a series A round backed by Morgenthaler Ventures, HealthCare Ventures, Polaris and Easton Capital that closed in 2008.
BioMed Ventures and Lightstone Ventures are also among Promedior’s investors. James Sabry, head of Roche Pharma Partnering, said: “We are excited to combine Promedior’s portfolio with our drug development capabilities to further advance PRM-151 in fibrotic diseases, including IPF and MF.
“With our proven track record in IPF with Esbriet as well as in haematological cancers, we are well-positioned to leverage our clinical and commercial expertise to bring PRM-151 to patients as fast as possible.”
