Shire acquires Premacure
Wednesday, March 13, 2013
Global specialty biopharmaceutical company Shire has acquired Premacure, a Swedish privately held biotechnology company developing a protein replacement therapy, currently in phase II development for the prevention of retinopathy of prematurity (ROP).
The acquisition allows Shire to enter a new therapeutic area—neonatology—while maintaining its focus on developing novel therapies for the treatment of rare diseases with high unmet medical need. With the acquisition of Premacure, Shire will continue the ongoing phase II study, the primary goal of which is to restore the IGF-1 levels in the preterm infant to those found during normal in utero development.
“ROP is a devastating eye disorder that can severely impact preterm infants for the rest of their lives,” said Flemming Ornskov, MD, CEO designate of Shire. “This investigational protein has the potential to provide a first-in-class treatment that may minimize the development and impact of complications arising from ROP. We will build on the work that Premacure has done and will apply Shire’s proven ability in developing protein replacement therapies for rare disorders to bring this much needed therapy to the market.”
Currently, only symptomatic treatment is available for ROP. Shire will purchase Premacure for an upfront payment and certain contingent payments based on the achievement of pre-specified development and commercial milestones.
“The acquisition of Premacure by Shire further underscores the potential to change the long-term outlook for preterm infants with ROP and their families,” said Jan Borg, founding CEO of Premacure. “We are excited that this program will become part of the innovative pipeline at Shire and believe that their experience and resources may accelerate the development of a product that seeks to prevent some of the devastating long-term consequences of ROP.”