Ipsen’s acquisition of clinical-stage company Clementia Pharmaceuticals is now complete.
It follows the approval of the arrangement by Clementia shareholders and the Quebec Superior Court.
This acquisition significantly enhances Paris-based Ipsen’s rare diseases portfolio with late-stage drug candidate palovarotene, for the treatment of rare bone disorders in adult and paediatric patients – fibrodysplasia ossificans progressiva (FOP) and multiple osteochondromas (MO).
“We are focused on the successful regulatory submission of palovarotene as a first-in-class therapeutic solution for patients with episodic flare-up treatment of fibrodysplasia ossificans progressiva in the second half of 2019,” commented Dr Alexandre Lebeaut, Chief Scientific Officer of Ipsen.
The Chief Executive Officer of Clementia, Dr Clarissa Desjardins, thanked her team, patient community and clinical trial investigators who have helped to advance the palovarotene program.
“Going forward, we are confident that Ipsen, with its shared patient-centric culture, proven development capabilities and global commercial footprint, will fulfil our ambition of delivering palovarotene to patients worldwide as quickly as possible,” she added.
Clementia shareholders will receive $25 per share in cash upfront and one contingent value right (CVR) per share entitling them to receive $6 per CVR upon the United State FDA acceptance of the regulatory filing for palovarotene.