Vertexto to Acquire Alpine Immune Sciences for $4.9 Bn

Reportedly, the acquisition deal is scheduled to close in the second quarter.

Boston-based biotech company Vertex Pharmaceuticals is set to acquire Alpine Immune Sciences for $65 per share, totaling about $4.9 billion in cash.

Seattle-based Alpine develops immunotherapies to address cancer, kidney disease, and other serious autoimmune and inflammatory conditions by engineering proteins that influence the body’s immune response.

On the deal, Mitchell Gold, CEO, Alpine, said, “This is a historic moment for Alpine, for our employees, and most importantly, for patients who may benefit from our pipeline of products.”

He specifically referenced povetacicept (ALPN-303), which is designed to treat autoimmune and inflammatory diseases, and is slated to enter stage III clinical trials in the second half of this year.

Reportedly, the acquisition deal is scheduled to close in the second quarter. The boards of both companies have unanimously approved the transaction, the companies said.

What Does the Acquisition Deal Entail?

Under the terms of the merger agreement, a subsidiary of Vertex will commence a cash tender offer to purchase all outstanding shares of Alpine common stock.

The transaction is expected to close subject to certain conditions, including the tender of a majority of the outstanding shares of Alpine common stock and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions.

Additionally, Lazard is acting as a financial advisor to Vertex. Skadden, Arps, Slate, Meagher & Flom are serving as legal counsel to Vertex.

For Alpine, Centerview Partners is acting as the exclusive financial advisor, and Fenwick & West LLP as the legal counsel.

Alpine’s lead molecule, povetacicept (ALPN-303), is a highly potent and effective dual antagonist of BAFF (B cell activating factor) and APRIL (a proliferation inducing ligand).

Through phase II development, povetacicept has shown potential best-in-class efficacy in IgA nephropathy (IgAN). IgAN is a serious, progressive, autoimmune disease of the kidney that can lead to end-stage-renal disease.

Moreover, there are no approved therapies that target the underlying cause of IgAN. IgAN is the most common cause of primary (idiopathic) glomerulonephritis worldwide, affecting approximately 130,000 people in the US Povetacicept is on track to enter phase III clinical development in the second half of 2024.

Due to its mechanism of action as a dual BAFF/APRIL antagonist, povetacicept holds the potential to benefit patients with other serious autoimmune diseases of the kidney, such as membranous nephropathy and lupus nephritis, as well as autoimmune cytopenias. Clinical studies in renal indications and autoimmune cytopenias are ongoing.

Sharing thoughts, Reshma Kewalramani, M.D., FASN, CEO and president of Vertex, said, “Alpine is a compelling strategic fit for Vertex and furthers our ambition of using scientific innovation to create transformative medicines targeting serious diseases with high unmet need in specialty markets.”