Amsterdam, The Netherlands, March 14th, 2024 – EQT Life Sciences is pleased to announcethat its portfolio company Amolyt Pharma has agreed to be acquired by Alexion, AstraZenecaRare Diseases for a total deal value of USD1.05 billion. Amolyt is a clinical-stage biotechnologycompany focused on developing novel treatments for rare endocrine diseases.
Amolyt Pharma is developing a treatment forhypoparathyroidism, which is one of the largestknown rare diseases. It affects an estimated 115,000 people in the United States and 107,000people in the European Union, approximately 80% of whom are women. Patients withhypoparathyroidism lack enough parathyroid hormone, causing problems with calcium andphosphate levels in their bodies. This can lead to serious symptoms and complications howevercurrent treatments often cause chronic kidney disease. Amolyt is working on a treatment calledEneboparatide, which aims to address the issues of hypoparathyroidism by targeting the PTHreceptor 1.
EQT Life Sciences originally invested in Amolyt’s Series A through its LSP 6 fund, as the leadinvestor.At the time the lead program was still in preclinical stages but with EQT’s support, thecompany has completed a phase I/II study and started a Phase III program, which is ongoing.Phase II data showed that Eneboparatide achieved normalization of serum calcium levels aswell as the potential to eliminate dependence on daily calcium and vitamin D supplementation. Inaddition, Eneboparatide reduced calcium in urine in adults with chronic hyperparathyroidism andhypercalciuria and preserved bone mineral density, an important potential benefit in patients withan increased risk of osteopenia or osteoporosis. The Company has also expanded its pipeline byadding two additional programs, while strengthening its Board and Management team.
Felice Verduyn-van Weegen, outgoing Board member at Amolyt Pharna and Partner at EQT LifeSciences: “We have seen the potential of Amolyt since the beginning, so it’s rewarding to seethat potential be recognized by a company like Alexion. We have long believed that Amolyt’streatments can have a meaningful impact on the lives of hypoparathyroidism patients andsupported the Company through every stage of its growth, having spent the past four years onthe Board. Amolyt – with its fantastic team, stellar execution and life changing treatment – is aclear example of the kind of company that EQT Life Sciences looks to support. We wish theAmolyt team all the best going forward.”
“We are proud of the remarkable achievements of our team in building and developing a portfolioof therapeutic peptides with the potential to address significant unmet needs for rare endocrineand related diseases, having advanced eneboparatide to Phase 3 for hypoparathyroidism andcreated an early-stage pipeline in less than 5 years.” said Thierry Abribat, Ph.D., Founder andChief Executive Officer of Amolyt Pharma. “We are thankful for the support from EQT to ourcompany, they have been instrumental in setting bold targets and executing on them since thebeginning.”
Terms of the agreement
Under the terms of the agreement, Alexion will acquire all of Amolyt Pharma’s outstandingshares for a total consideration of up to $1.05B, on a cash and debt free basis. This includes$800 million upfront at deal closing, plus the right for Amolyt Pharma’s shareholders to receivean additional contingent payment of $250 million payable upon achievement of a specifiedregulatory milestone.
Subject to the satisfaction of customary closing conditions in the acquisition agreement, including regulatory clearances, the transaction is expected to close by the end of the third quarter of 2024.
Contacts
EQT Press Office, press@eqtpartners.com
Felice Verduyn-van Weegen, partner, EQT Life Sciences, Felice.verduyn@eqtpartners.com
Notes
Eneboparatide (AZP-3601)is an investigational therapeutic peptide designed to bind with highaffinity to a specific conformation of the parathyroid hormone (PTH) receptor 1. Therapeuticgoals include: regulating and maintaining serum calcium levels in the normal range, and therebymanaging the symptoms of hypoparathyroidism; limiting urine calcium excretion by restoringcalcium reabsorption by the kidney; and potentially preventing progressive decline in kidneyfunction and the development of chronic kidney disease. Eneboparatide is also designed tohave a short plasma half-life to potentially restore bone turnover to a more physiologic state andto help preserve bone integrity.
Hypoparathyroidismis a rare condition defined by a deficiency of parathyroid hormone thatresults in decreased calcium and elevated phosphorus levels in the blood. Approximately 80%of the estimated 115,000 people in the United States and 107,000 in the European Union withhypoparathyroidism are women. Despite available treatments, patients experience persistent,life-altering symptoms and often develop complications and comorbidities that diminish qualityof life and create segments of the patient population with specific clinical needs. Clinicalmanifestations of hypoparathyroidism impact many tissues and organ systems, in particular, thekidneys and bone.
