Roche and Promedior have entered into a definitive merger agreement for the Swiss drugmaker to acquire the biotech's entire portfolio of molecules for serious fibrotic diseases.
Promedior, a privately held clinical-stage biotechnology company based in Lexington, Massachusetts, has advanced its fibrotic disease treatment PRM-151 in human clinical trials and received Breakthrough Therapy Designation from the FDA earlier this year for idiopathic pulmonary fibrosis (IPF).
PRM-151 is a recombinant form of human pentraxin-2 (PTX-2) protein and it has demonstrated both prevention and reversal of fibrosis. According to Promedior, phase 2 trial results demonstrated that PRM-151 is the first molecule to show significant lung function improvements on top of current therapies in IPF.
Under the terms of the merger agreement, Roche will make an upfront cash payment of $390 million, plus additional contingent payments of up to $1 billion based on the achievement of certain predetermined development, regulatory and commercial milestones.
Read the full Promedior release