Shire Announces Acquisition of Lumena Pharmaceuticals
Shire will acquire Lumena Pharmaceuticals for an upfront payment of $260 million in cash, plus a payment for net cash at closing, and near-term contingent milestone payments related to ongoing clinical trials. Lumena Pharmaceuticals, a biopharmaceutical company with late stage rare disease pipeline assets, offers LUM001 in Phase 2 development for four rare and devastating hepatic diseases -- two pediatric and two adult with a potential 2016 approval -- and LUM002, a Phase 2-ready candidate for the treatment of non-alcoholic steatohepatitis (NASH).
“Our pipeline and strategic focus on rare diseases is even further strengthened with the acquisition of Lumena Pharmaceuticals," says Chief Executive of Shire, Flemming Ornskov, MD, "which also complements our strong GI presence. These attractive potential treatments may offer new hope to patients with rare cholestatic liver disease and further contribute to Shire’s future growth. We are excited by the possibilities of these new assets in liver disease. We have the resources, the infrastructure and the operating capacity to invest in these new potential growth drivers which add further value to Shire’s innovative pipeline.”
“I believe that this transaction is a significant win for all parties involved, especially the patients, and the future of LUM001 as a treatment for rare cholestatic liver diseases looks brighter than ever," says Mike Grey, president and CEO of Lumena Pharmaceuticals. "Shire has deep rare disease experience, a global infrastructure, and the commercial expertise to deliver LUM001 to patients around the world. The Lumena team will work closely with Shire to finish the ongoing Phase 2 clinical programs as part of our commitment to the patient populations we have championed since we formed Lumena Pharmaceuticals.”
Read the full Shire press release