Roche Acquires Promedior for $390 Million to Advance IPF Therapy PRM-151

On November 18, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Swiss pharmaceutical giant Roche announced the acquisition of biotechnology company Promedior. Under the financial terms, Roche will pay Promedior an upfront cash payment of $390 million, and an additional $1 billion if its drug gains regulatory approval and achieves marketing milestones.

It is reported that upon completion of the acquisition, Promedior’s fibrotic disease therapeutics will be integrated into Roche’s drug portfolio. Notably, PRM-151, a therapeutic candidate for idiopathic pulmonary fibrosis (IPF), has demonstrated satisfactory efficacy in mid-stage clinical trials. Currently, only two drugs are approved for IPF treatment, one of which is Esbriet, developed by Roche.

Promedior, founded in 2006 and headquartered in Lexington, Massachusetts, USA, is a clinical-stage biotechnology and pharmaceutical company. The company is dedicated to developing targeted therapies and innovative drugs for the treatment of rare fibrotic diseases such as idiopathic pulmonary fibrosis (IPF) and myelofibrosis (MF). Since its inception, Promedior has received support from globally leading healthcare venture capital firms, including Morgenthaler Ventures, HealthCare Ventures, and Forbion.

Promedior owns the Pentraxin-2 drug development platform, based on which it has developed key candidate drugs such as PRM-151 and PTX-2. PRM-151 demonstrated broad anti-fibrotic activity in preclinical models of diseases including pulmonary fibrosis, myelofibrosis (MF), acute and chronic kidney disease, and liver fibrosis, and was granted Breakthrough Therapy designation by the FDA in early 2019.

Idiopathic pulmonary fibrosis (IPF) is a progressive, irreversible, and severe disease characterized by fibrosis and scarring of lung tissue, leading to gradual loss of lung function and impaired gas exchange. The average survival rate for patients after an IPF diagnosis is two to three years, with a mortality rate higher than that of malignant tumors such as breast cancer, ovarian cancer, and colorectal cancer. According to the National Institutes of Health, there are approximately 100,000 IPF patients in the United States. The disease is likely caused by a combination of genetic and environmental factors, although its specific pathogenesis remains unclear.

Roche, founded in 1896 and headquartered in Basel, Switzerland, is a global leader in biotechnology. The company is dedicated to two core pharmaceutical businesses—pharmaceuticals and diagnostics—and leverages research and development to provide personalized treatment solutions for every patient. Roche holds a leading position in the fields of in vitro diagnostics and oncology drug development, and is also a pioneer in diabetes management. The company’s products span multiple medical areas, including neuroscience, dermatology, infectious diseases, and virology.

Roche operates in over 100 countries worldwide, employing nearly 100,000 people, and owns wholly-owned subsidiaries in the biopharmaceutical industry, including Genentech. Roche is committed to advancing human health and improving quality of life. In 2018, the Roche Group reported revenues of CHF 56.8 billion and R&D expenditures totaling USD 10.98 billion.

Jason Lettmann, CEO of Promedior and General Partner at Lightstone Ventures, stated, “After more than a decade of research, development, and investment, Promedior has finally developed an innovative therapeutic for fibrotic diseases. In my view, Roche’s strategic direction aligns closely with Promedior’s, and this acquisition will accelerate the development and commercialization of such therapies.”

James Sabry, M.D., Global Head of Medicine at Roche, stated, “We are pleased to integrate Promedior’s assets with Roche’s drug development platform to further expand the role of PRM-151 in the treatment of fibrotic diseases such as idiopathic pulmonary fibrosis (IPF) and myelofibrosis (MF). Leveraging our specialized expertise and extensive experience in drug research and development, we aim to accelerate the commercialization of PRM-151 to provide patients with new therapeutic options.”

(Compiled by Xu Xiaoxue)