New mega-deal in pharma sector: PTC acquires Agilis for $945m

US-based PTC Therapeutics (New Jersey) yesterday announced, before trading started in Wall Street, that it had acquired Agilis Biotherapeutics (Cambridge, Massachusetts) for $945m. Agilis is a biotech developing gene therapies for rare diseases, especially central nervous system conditions. Agilis ’s main asset is surely the gene therapy GT-AADC, developed to address reductions in the Aromatic L-Amino Acid Decarboxylase (AADC) enzyme. Reductions in AADC affect the CNS and cause total incapacity to move muscles, leading to death in few years. The deal includes an upfront $50m payment in cash, plus $150m in PTC shares. Additionally, Agilis will receive $60m upon successful completion of precise milestones over the next 2 years, plus $535m + $150m in case some treatments are approved. PTC’s shares remained almost unaltered as trading closed yesterday, therefore its capitalization remained $1.7bn.

 

(Source: PTC)