Vertex Pharmaceuticals Likely to Acquire Exonics Therapeutics for $245 Million

Vertex Pharmaceuticals Inc. said it is likely to acquire privately held Exonics Therapeutics for a payment of $245 million and possible milestone payments of around $750 million.

Exonics Therapeutics creates gene-editing therapies to nurse patients suffering from severe genetic neuromuscular conditions. The shareholders of Exonics Therapeutics will also get their share of the milestone payments, which would be based on the favorable achievement of development and regulatory milestone for its duchenne muscular dystrophy (DMD) and muscle-wasting disorder, myotonic dystrophy type 1 (DM1) programs.

DMD is a unique genetic disorder that creates problems in muscle movement, especially in men, affecting one in every 3,500 to 5,000 across the world. Vertex also stated that the company is extending its hand in collaborations with Switzerland-based gene-editing organization, Crispr Therapeutics for the exclusive global rights to its gene-editing products for DM1 and DMD.

Crispr is qualified to receive payments of nearly $1 billion, which consist of a $175 million advance payment and prospective future milestone payments, Vertex said.

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Mass Communication and Journalism Graduate. Have always been awestruck with the way things are in the world of sports. Mainly covering the news related to the various events happening in the field of sports.

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