Italy’s Chiesi Buys Rare Disease Player Amryt For $1.48 Billion

Italy-based Chiesi Farmaceutici is acquiring Ireland-based Amryt Pharma for $1.48 billion. The deal gives Chiesi a basket of marketed and clinical assets targeting a range of rare diseases. 

Under the deal, Chiesi will purchase Amryt shares at $14.50 per American Depositary Share (ADS), representing a 107% premium of the company’s closing price of $7.00 last Friday. 

Amryt shareholders could also receive Contingent Value Rights (CVR) of up to $2.50 per ADS if Amryt’s product Filsuvez reaches certain milestones. Filsuvez, a designated orphan drug, recently received approval in Europe for the treatment of epidermolysis bullosa (EB), an inherited skin disease.

“Chiesi is aligned with Amryt’s commitment and passion and I believe Chiesi will further maximize the value of Amryt’s current portfolio and pipeline and most importantly, will accelerate our ability to reach more patients in need globally,” said Dr. Joe Wiley, CEO of Amryt, in a statement.

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Amryt’s Rare Diseases Portfolio 

Besides Filsuvez, Amryt’s approved treatments include Mycapssa (octreotide), a treatment for acromegaly, metreleptin, a treatment for partial lipodystrophy (PL), and lomitapide, a lipid-lowering medication for familial hypercholesterolemia (HoFH). 

The company is also anticipating the initiation of a Phase 3 clinical study on Mycapssa for neuroendocrine tumors (NET) in the first quarter of 2023. Meanwhile, a Phase 3 trial for the US label expansion for metreleptin in the treatments of PL is currently underway.  

“Amryt has steadily brought innovative products to new markets and, by adding them to the Chiesi portfolio, we hope to make them available to even more patients who may require them,” Marco Vecchia, CEO of Chiesi. 

According to Amryt’s latest financial report released last November, the company earned revenues of $61.1 million in the third quarter of 2022, representing a 8.2% growth from 2021. Full-year financial forecasts range from $260 million to $270 million, representing 17-21% growth. The company’s top selling drug, metreleptin, reached sales of $37.9 million in the third quarter of 2022.

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Joy Lin

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