Biogen completes Nightstar acquisition
June 10, 2019
Biogen has announced that it has completed its acquisition of Sycona’s Nightstar Therapeutics, the clinical-stage gene therapy company, which is focused on adeno-associated virus (AAV) treatments for inherited retinal disorders.
The companies announced the acquisition in March this year, with the value estimated at approximately $25.50 per share in cash, or $800 million, giving Biogen a clinical pipeline of gene therapy candidates in ophthalmology.
The total transaction value came to the estimated $800 million, after taking into account expected transaction expenses and cash at closing. Nightstar’s common stock will also no longer be listed for trading on the Nasdaq Global Select Market.
As a result of the acquisition, Biogen now has added two mid- to late-stage clinical assets, as well as preclinical programs, in ophthalmology.
Nighstar’s lead asset is NSR-REP1 for the treatment of choroideremia (CHM), a rare, degenerative, X-linked inherited retinal disorder, which leads to blindness and has no approved treatments. It is NST’s second clinical program for the treatment of X-linked retinitis pigmentosa (XLRP), which is also a rare inherited retinal disease primarily affecting males with no approved treatments.
The acquisition marks a “significant achievement for Biogen,” said Michel Vounatsos, CEO.
He continued, “The acquisition of Nightstar further bolsters our pipeline and is an important step forward toward our goal of a multi-franchise portfolio across complementary modalities. We look forward to working now as one Biogen team with the goal of bringing breakthrough therapies to patients to slow or halt blindness across a range of inherited retinal diseases.”