Montreal-based drug developer Clementia Pharmaceuticals announced this week that it has entered into an agreement with French pharmaceuticals company Ipsen through which Ipsen will acquire 100% of Clementia. The deal will see Ipsen pay a total purchase price of US$25.00 per share in cash upfront, plus a contingent value right of $6.00 per share related to treatments of multiple osteochondromas, a rare bone disease. The total consideration is predicted to be approximately $1.31bn.
As part of the deal, Ipsen will acquire Clementia’s disease-treatment portfolio, including its key late-stage clinical asset palovarotene, an investigational retinoic acid receptor gamma selective agonist, for the treatment of fibrodysplasia ossificans progressiva, multiple osteochondromas and other diseases.
Palovarotene, Clementia’s most valuable and potentially-groundbreaking pharmaceutical asset, inhibits excess bone morphogenetic protein signaling which is linked to the progression of fibrodysplasia ossificans progressiva and multiple osteochondromas, two well-characterized, ultra-rare/rare and severely-disabling bone disorders for which there are currently no treatment options available.
David Meek, Chief Executive Officer of Ipsen, commented, “The acquisition of Clementia Pharmaceuticals accelerates the ongoing transformation of Ipsen as we are successfully executing on our external innovation strategy to identify and acquire innovative medicines to serve patients with unmet medical needs. Through this transaction, we will gain scientific expertise, exceptional talent, and a cornerstone ultra-rare disease drug candidate with rare pediatric disease and breakthrough therapy designations, potential U.S. approval in 2020 and additional indications to follow. We look forward to working closely with Clementia to successfully integrate two companies that share a similar patient-centric culture and the ambition to deliver new treatments to patients with unmet medical needs.”
Dr. Clarissa Desjardins, Chief Executive Officer of Clementia, commented, “I am proud of the entire Clementia team, whose tireless efforts have rapidly advanced palovarotene towards a planned NDA submission, and we are all grateful for the dedication of the patient community and our clinical trial investigators who have supported us along the way. Ipsen’s global commercial presence and capabilities will expedite our shared vision of bringing palovarotene to patients around the world as quickly as possible. We anticipate a smooth transition of our operations into the Ipsen organization that will continue Clementia’s vision of delivering palovarotene to patients worldwide.”