Merck expands neuroinflammatory pipeline, buying Chord Therapeutics
German pharma and life sciences group Merck KGaA (MRK: DE) today announced a strategically focused expansion of its neurology pipeline with the acquisition of the rights to develop cladribine (marketed as Mavenclad for multiple sclerosis) for the treatment of generalized myasthenia gravis (gMG) and neuromyelitis optica spectrum disorder (NMOSD).
Merck entered into an agreement to secure the global rights by acquiring Chord Therapeutics, a Swiss-based biotech company focused on rare neuroinflammatory diseases.
The transaction, financial terms of which are not disclosed, is expected to be closed in early 2022 after satisfactory completion of customary closing conditions. Chord Therapeutics was launched in October 2020 by healthcare venture capital firm Omega Funds, the sole investor in the company’s $16 million Series A financing.
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