Published on 12 Apr 2024 on Zacks via Yahoo Finance
Alpine (ALPN) Surges 37% on $4.9B Buyout Offer From Vertex
Alpine Immune Sciences ALPN signed a definitive agreement with Vertex Pharmaceuticals VRTX. Per the terms, the pharma giant will acquire all outstanding shares of Alpine for $65 per share in cash, aggregating to $4.9 billion.
A clinical-stage pharmaceutical company, Alpine is engaged in the development of multi-functional therapies targeting both autoimmune and inflammatory diseases.
The acquisition will also include Alpine’s lead asset, povetacicept (formerly ALPN-303), designed to target two proteins, namely BAFF and APRIL, which are jointly responsible for the cause of multiple serious autoimmune diseases. This drug is set to enter late-stage development for the treatment of IgA nephropathy (IgAN) in the second half of 2024.