True North Therapeutics: Bioverativ buys blood disorder peer True North Therapeutics for US$400mln

Nasdaq-listed biotech Bioverativ Inc (NASDAQ:BIVV) is to acquire unlisted rival True North Therapeutics for more than US$400mln. True North's lead candidate TNT009 has already been granted breakthrough therapy designation by the US Food and Drug Administration to treat cold agglutinin disease (CAD), a rare and chronic autoimmune hemolytic anemia with no approved therapies As well US$400mln upfront plus assumed cash, True North investors also set to receive up to US$425mln in milestone payments dependent on how its drugs perform. Bioverativ specialises in blood disorders and worldwide rights to TNT009, a first-in-class monoclonal antibody in development to treat CAD, will switch to it through the deal. About 5,000 people in the United States suffer from the disease. "One of our strategic priorities is to invest thoughtfully in business development with a focus on building our pipeline in areas where we believe we can make a real difference for patients," said John Cox, Bioverativ's chief executive. "It strengthens our pipeline with a potential first-in-class therapy to treat CAD, a rare blood disorder with a high unmet patient need. "People living with CAD currently have no approved treatment options and suffer with a significant disease burden including crippling fatigue, frequent transfusions and an increased risk of life-threatening thrombotic events such as pulmonary embolism and stroke." The FDA granted TNT009 breakthrough therapy designation after a Phase 1b trial showed that normalised haemoglobin levels all six study participants with primary CAD.