A few months after Idera Pharmaceuticals $IDRA stirred up some positive buzz at ESMO with early stage data on its TLR9 program, the biotech announced plans today to merge with Research Triangle Park, NC-based Biocryst $BCRX.
While Idera has several cancer drug programs in play, the two companies are spotlighting the rare disease therapies now in development, with 4 late-stage and mid-stage efforts underway.
In the deal, Idera shareholders are trading in their shares, with each share of common stock worth 0.20 shares in the new company, which will be renamed. Biocryst stockholders, meanwhile, will get 0.50 new shares for each of their old shares.
Their near-term approval prospects are centered on:
- BCX7353: A Phase III program for the prophylactic treatment of Hereditary Angioedema (HAE) in a capsule formulation with FDA orphan drug designation.
- IMO-2125: A Phase III program for the treatment of PD1-refractory melanoma in combination with ipilimumab with FDA orphan drug designation.
- IMO-8400: A Phase II drug for dermatomyositis.
- BCX7353: Another Phase II program for the acute treatment of HAE in a liquid formulation.
“By merging our unique talents, experiences and assets, we instantly strengthen our ability to become a significant force for patients suffering from a broad range of rare diseases,” said Idera CEO Vincent Milano, who will be at the helm of the combined operation. “We will also gain operational synergies and strengthen our financial position.”
Biocryst CEO Jon Stonehouse will remain on the board.
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