Pfizer buys option to acquire French gene therapy firm

In another move by big pharma into gene therapy, US giant Pfizer (NYSE: PFE) has acquired a 15% equity interest in privately-held French gene therapy biotech Vivet Therapeutics and secured an exclusive option to acquire all outstanding shares.

Pfizer and Vivet will collaborate on the development of VTX-801, Vivet’s proprietary treatment for Wilson disease, a devastating, rare, chronic, and potentially life-threatening liver disorder of impaired copper transport that causes serious copper poisoning.

Under the terms of the transaction, Pfizer paid approximately 45 million euros ($51 million) upon signing and may pay up to 560 million euros ($635.8 million) inclusive of the option exercise payment and subject to certain clinical, regulatory, and commercial milestones. Pfizer can exercise its option to acquire 100% of Vivet following the company’s delivery of certain data from the Phase I/II clinical trial for VTX-801. As part of the transaction, Pfizer senior executive Dr Monika Vnuk, vice president, worldwide business development, will join Vivet’s board of directors. Other terms of the transaction were not disclosed.