DUBLIN, April 12, 2012 /PRNewswire/ --
Shire plc (LSE: SHP, NASDAQ: SHPGY), the global specialty biopharmaceutical company, today announced that it has signed an agreement to acquire substantially all the assets of Pervasis Therapeutics. Shire will provide Pervasis with an upfront payment, plus potential post-closing milestone payments that are dependent on Shire's achievement of certain clinical development, regulatory and sales targets.
- Clinical stage development assets bring to Shire a new cell-based technology platform (endothelial cell technology) with potential global opportunity, and leverage many existing capabilities-specialized marketing approach, cell-based manufacturing, unique reimbursement, outpatient call point
- Establishes technology relationship with world-leading scientist Elazer Edelman, MD, PhD, professor of Health Sciences and Technology at MIT, professor of medicine at Harvard Medical School, and coronary care unit cardiologist at the Brigham and Women's Hospital in Boston
- Acquisition complements the 2011 purchase of Advanced BioHealing, further demonstrating Shire's commitment to investing in and building out its portfolio of regenerative medicine therapies as the partner of choice for development-stage companies
- Lead program (Vascugel®) addresses significant unmet medical need for acute vascular repair technologies focused on improving hemodialysis access for patients with end-stage renal disease (ESRD)
- Strong strategic fit with existing product, Dermagraft, which is indicated for diabetic foot ulcers. Diabetes is the global leading cause of ESRD, and accounts for approximately 40% of ESRD patients treated in the U.S. [i] Diabetic patients on dialysis have a greater risk of developing a diabetic foot ulcer than diabetics not receiving dialysis treatment [ii]
- Shire will initially focus on completing a Phase II program to address maturation and maintenance of arteriovenous (AV) access for hemodialysis patients, which will instruct future development pathway
Shire's Regenerative Medicine President, Kevin Rakin says:
"There are currently no approved therapies that directly target the underlying physiological processes associated with the creation of AV access sites in hemodialysis patients, including inflammation, thrombosis, and restenosis. As a result, there remains a significant unmet need for technologies that improve hemodialysis access for patients with ESRD. We believe Vascugel has the potential to enhance the rate of blood vessel repair while also providing for increased maintenance of the access site for a prolonged period of time as compared to current treatments. This acquisition marks a very important step for Shire in building a Regenerative Medicine business focused on tissue repair and regeneration."