After Pfizer, Now Novo Nordisk Beefs Up Its Sickle Cell Portfolio With Forma Therapeutics Deal
$FMTX
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$NVO
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Biotechnology: Pharmaceutical Preparations
Health Care
Biotechnology: Pharmaceutical Preparations
Health Care
- Novo Nordisk A/S (NYSE:NVO) has agreed to acquire Forma Therapeutics Holdings Inc (NASDAQ:FMTX) for $20 per share in cash, representing a total equity value of $1.1 billion.
- The deal value offers a premium of 92% to Forma Therapeutics' volume-weighted average price per share over the past 30 days.
- Forma Therapeutics is a clinical-stage biopharmaceutical company focused on treating sickle cell disease (SCD) and rare blood disorders.
- The acquisition of Forma Therapeutics, including its lead development candidate, etavopivat, is aligned with Novo Nordisk's strategy to complement and accelerate its scientific presence and pipeline in hemoglobinopathies.
- Last month, Pfizer Inc (NYSE:PFE) acquired Global Blood Therapeutics Inc (NASDAQ:GBT), a sickle cell player, for $68.50 per share in cash, for a total enterprise value of approximately $5.4 billion.
- Forma Therapeutics' Etavopivat is an investigational oral, once-daily, selective pyruvate kinase-R (PKR) activator developed for SCD.
- Etavopivat is currently being evaluated in a global phase 2/3 clinical trial (Hibiscus) in patients with SCD and a phase 2 trial (Gladiolus) in patients with transfusion-dependent SCD and thalassemia.
- The transaction is expected to close in the fourth quarter of 2022.
- Price Action: FMTX shares are up 47.8% at $19.80 on the last check Thursday.