Published on 1 Sep 2022 on Benzinga via Yahoo Finance
After Pfizer, Now Novo Nordisk Beefs Up Its Sickle Cell Portfolio With Forma Therapeutics Deal
Novo Nordisk A/S (NYSE: NVO) has agreed to acquire Forma Therapeutics Holdings Inc (NASDAQ: FMTX) for $20 per share in cash, representing a total equity value of $1.1 billion.The deal value offers a premium of 92% to Forma Therapeutics' volume-weighted average price per share over the past 30 days.Forma Therapeutics is a clinical-stage biopharmaceutical company focused on treating sickle cell disease (SCD) and rare blood disorders.The acquisition of Forma Therapeutics, including its lead development candidate, etavopivat, is aligned with Novo Nordisk's strategy to complement and accelerate its scientific presence and pipeline in hemoglobinopathies.Last month, Pfizer Inc (NYSE: PFE) acquired Global Blood Therapeutics Inc (NASDAQ: GBT), a sickle cell player, for $68.50 per share in cash, for a total enterprise value of approximately $5.4 billion.Forma Therapeutics' Etavopivat is an investigational oral, once-daily, selective pyruvate kinase-R (PKR) activator developed for SCD.Etavopivat is currently being evaluated in a global phase 2/3 clinical trial (Hibiscus) in patients with SCD and a phase 2 trial (Gladiolus) in patients with transfusion-dependent SCD and thalassemia.The transaction is expected to close in the fourth quarter of 2022.Price Action: FMTX shares are up 47.8% at $19.80 on the last check Thursday.
See more from Benzinga