Ironwood Pharmaceuticals has declared the completion of a merger with the Basel, Switzerland-based VectivBio Holding, as per a 12 December press release.
In this deal, all remaining outstanding ordinary shares of VectivBio, not previously bought, by Ironwood have been nullified and transformed into the right to receive $17.00 per share in cash, with a potential aggregate of approximately $1bn, subject to applicable taxes. VectivBio’s shareholders signed off on the merger on 28 November..
The Boston, Massachusetts- headquartered Ironwood Pharmaceuticals first announced the acquisition in May 2023, stating its intentions to strengthen its gastrointestinal pipeline through the deal. According to a 22 May press release, the company expects the acquisition, pending the commercialization of VectivBio’s lead drug candidate apraglutide, to impact earnings per share by the beginning of 2026.
Apraglutide is glucagon like peptide 2 (GLP2R) receptor agonist that is administered subcutaneously and is being studied in acute graft vs host disease (aGVHD). The drug works by activating GLP2R, eliciting activity from adenylate cyclase to restore the gastrointestinal tract to its normal functionality. aGVHD is a condition that occurs after a stem cell transplant. In this disease, the patient’s body perceives the donated stem cells as other, causing the immune system to attack the new cells.
Ironwood currently has clinical development programs for primary biliary cholangitis, interstitial cystitis and short bowel syndrome. These programs focus on the company’s candidates CNP-104, IW 3300 and apraglutide.
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By GlobalData
In June, the US Food and Drug Administration (FDA) approved Ironwood’s treatment for irritable bowel syndrome Linzess (linaclotide). This approval made Linzess the first and only US-available prescription therapy for functional constipation in paediatric patients. In the company’s Q3 financial report, Ironwood reported $279 million in US net sales for Linzess in 2023.
