GENE ONLINE|News &
Opinion
Blog

2022-09-01| M&A

Novo Nordisk Seals the Deal On A $1.1 Billion Acquisition of Forma Therapeutics

by Max Heirich
Share To

On September 1, Novo Nordisk announced that they entered a definitive agreement to acquire Forma Therapeutics. With each share of the company priced at $20, the acquisition will cost Novo a total of $1.1 billion. The acquisition of Forma’s sickle cell disease (SCD) therapeutics portfolio aligns with Novo’s strategy to increase its presence in those fields. 

Related Article: Alcon Acquires Aerie For $770 Million, Adding Eye Drops To Portfolio

Forma Therapeutics’ Eye-Catching Portfolio

Based in Watertown, Massachusetts, Forma Therapeutics is a clinical-stage biopharmaceutical company focused on the research, development, and commercialization of novel therapeutics for hematologic diseases and cancers.

A good example of their portfolio of therapies is etavopivat. Currently, under evaluation in a phase ⅔ clinical trial, etavopivat is a pyruvate kinase-R (PKR) activator that can potentially increase the amount of oxygen a patient with SCD can carry, granting the patient better red blood health. A similar treatment to etavopivat is Global Blood Therapeutics’ (GBT) Oxbryta. However, mechanisms of action for the two treatments differ.

Due to etavopivat and the rest of Forma’s portfolio, Novo sought to acquire the company, similar to how Pfizer acquired GBT for their SCD therapies. 

The Particulars of the $1.1 Billion Acquisition

Under the terms of the agreement, Novo will initiate a tender offer of $20 per outstanding share of Forma. In total, this amounts to around $1.1 billion. Forma’s board of directors already unanimously approved the transaction. 

On the acquisition, Frank D. Lee, President and Chief Executive Officer of Forma, said, “Today’s announcement is an exciting milestone that accelerates Forma’s purpose to transform the lives of patients with sickle cell disease and other serious haematological diseases. We look forward to working together with Novo Nordisk to serve as a trusted partner to our communities and to advance innovation, access and health equity for patients.”

Subject to certain conditions, Novo Nordisk’s acquisition subsidiary will merge into Forma Therapeutics upon the offer’s successful completion. Any shares not included in the proposal will receive the same USD price. Novo and Forma expect the $1.1 billion acquisition to close in the fourth quarter of 2022. 

©www.geneonline.com All rights reserved. Collaborate with us: service@geneonlineasia.com
Related Post
Wegovy Expands Its Reach: First Weight-Loss Medication Approved to Reduce Cardiovascular Risk
2024-03-11
Obesity Hope or Hype: Leveraging the Efficacy of Mainstream Weight Loss Pills (Second Part)
2024-03-07
Pharmaceutical Giants Expand Research and Manufacturing Capabilities, Fueling 2024 Innovation and Growth
2024-03-01
LATEST
Innovative Cellular Mapping of BRCA-Related Breast Cancer Findings Reveals Novel Therapeutic Targets
2024-03-29
Previewing AACR 2024 With Select Pre-Meeting Highlights
2024-03-28
Roche Delivering on Malaria Screening Solutions for Blood Donation
2024-03-28
Innovating Cancer Treatment: The Role of ADC Technology at Nona Biosciences
2024-03-28
BIO CHINA 2024 Brings Biotech Experts and Industry Elites Together for Innovation
2024-03-27
Galderma’s Strong European IPO Debut
2024-03-26
Markets and Mergers: Boston Scientific and Axonics Shake Hands on Deal
2024-03-25
EVENT
2024-04-06
Biotech Innovation Funding Networking
Los Angeles, USA
Scroll to Top