PTC Therapeutics to acquire Agilis Biotherapeutics

US pharma firm PTC Therapeutics (Nasdaq: PTCT) has entered into an agreement to acquire privately-held US biotech company Agilis Biotherapeutics, sending PCT’s shares up 8.15% to $39.53 in late morning trading on Friday.

Agilis is focussed on advancing an innovative gene therapy platform for rare monogenic diseases that affect the central nervous system (CNS). The transaction was approved by the boards of both companies and is expected to close in the third quarter of 2018.

"The addition of the gene therapy platform transforms PTC and aligns with our vision of being a leader in the treatment of rare disorders," said Stuart Peltz, chief executive of PTC Therapeutics, adding: "We are impressed with the clinical results shown by the AADC program and are excited with the potential to quickly bring this therapy to patients. We look forward to advancing the Friedreich’s ataxia and Angelman syndrome programs into the clinic in the next two years."