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Merck’s acquisition of Acceleron could have been the largest acquisition in 2021: the purchase price of $11.
5 billion made it difficult for all other mergers and acquisitions this year to be matched
.
The transaction is currently under review by the FTC (Federal Trade Commission) and is expected to be completed in the fourth quarter of this year
Merck acquired Acceleron mainly because of two attractive assets: one is sotatercept, known as the jewel in the crown of Acceleron, a drug candidate for the treatment of pulmonary hypertension in phase III clinical trials; the other is Rebrozyl, which is a joint venture with Bristol A drug co-operated by Mesquibb
.
Sotatercept has shown great potential in a series of clinical trials.
Improvements to patients include peak oxygen uptake or maximum oxygen uptake, as well as ventilation efficiency, total workload, and arteriovenous oxygen content
.
Pulmonary hypertension affects approximately 70,000 patients in the United States and Europe, and there is a lack of any other potentially ameliorating drugs in phase II and phase III clinical trials
Rebrozyl was approved in November 2019 for the treatment of beta thalassemia, and was later licensed to treat patients with myelodysplastic syndrome
.
Sales of the drug in the second quarter of 2021 were US$128 million, and Acceleron also received approximately US$26 million in royalties
Although Sotatercept can pass Phase III clinical trials, obtain FDA approval, and successfully go public, there are still certain risks.
Avoro Capital and Darwin Global Management believe that Merck’s $11 billion acquisition price is different from what they believe is Acceleron’s $21 billion to $27 billion intrinsic value.
Far away
.
For Merck, which urgently needs to seek growth outside of Keytruda, the success of the Acceleron M&A transaction is undoubtedly very important
.
Will the current skepticism from Acceleron shareholders make this one of the biggest mergers and acquisitions this year a major reversal?
According to the experience of recent mergers and acquisitions, this transaction will still have a high probability of being passed
.
Wall Street analysts generally expressed a positive attitude, believing that the possibility of a deal breakup is very small
Reference source:
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Merck, wading even further into rare disease, inks $11.
5B deal for Acceleron and its potential PAH blockbuster
