VectivBio sold for approximately 1 billion dollars
The takeover of VectivBio is now being finalized: the Boston-based firm Ironwood Pharmaceuticals, which specializes in gastrointestinal medicine, has agreed to acquire the Basel-based biotech firm, which was founded in 2019. The purchase price is estimated to come to an overall value of around 1 billion US dollars.
Ironwood Pharmaceuticals is acquiring the Basel-based biotech firm VectivBio for a price of 17.00 US dollars per share. The all-cash transaction amounts to an estimated total value of around 1 billion US dollars (net of VectivBio cash and debt), further details of which can be found in a press release. The takeover price corresponds to a premium of 80 percent on the average share price over the past 90 trading days
VectivBio is a clinical-stage biotechnology company focused on the discovery and development of therapies to treat serious rare diseases, including short bowel syndrome with intestinal failure (SBS-IF) and acute graft versus host disease. Ironwood, a pharmaceutical firm that focuses on gastrointestinal medicine, is of the conviction that its active ingredient Apraglutide to treat short bowel syndrome, which is currently undergoing a Phase 3 study, is capable alone of generating net sales of 1 billion US dollars overall.
Second major takeover in short time
“Ironwood’s capabilities and established track record in GI make it the ideal company to bring apraglutide, if approved, to patients suffering from SBS-IF and other serious GI conditions. We believe this transaction represents the best outcome for our patients and shareholders”, explains Dr. Luca Santarelli, CEO of VectivBio, in the press release.
This is the already the second major takeover deal for a biotech company from the Basel Area since December 2020. At this time, the German firm Boehringer Ingelheim reinforced its cancer pipeline portfolio with the acquisition of NBE-Therapeutics, a life sciences firm founded in 2012 and headquartered in the Tech Park Basel. The purchase price amounted to 1.18 billion euros.