Vertex to acquire rival diabetes drug developer ViaCyte
US drugmaker Vertex Pharmaceuticals (Nasdaq: VRTX) yesterday announced that the company has entered into a definitive agreement under to acquire ViaCyte, a privately held biotechnology company focused on delivering novel stem cell-derived cell replacement therapies as a functional cure for type 1 diabetes (T1D), for $320 million in cash.
Vertex sees the acquisition as likely to help speed development of its type 1 diabetes candidate VX-880. Vertex obtained VX-880, formerly known as STx-02, as part of its buy of Semma Therapeutics for $950 million in 2019.
“VX-880 has successfully demonstrated clinical proof of concept in T1D, and the acquisition of ViaCyte will accelerate our goal of transforming, if not curing T1D by expanding our capabilities and bringing additional tools, technologies and assets to our current stem cell-based programs,” said Dr Reshma Kewalramani, chief executive and president of Vertex.
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