Vertex To Buy CTP-656 From Concert Pharma For Treatment Of Cystic Fibrosis

(RTTNews) - Vertex Pharmaceuticals Inc. (VRTX) said that it has signed a definitive asset purchase agreement to acquire CTP-656 from Concert Pharmaceuticals (CNCE). CTP-656 is an investigational cystic fibrosis transmembrane conductance regulator (CFTR) potentiator that has the potential to be used as part of future once-daily combination regimens of CFTR modulators that treat the underlying cause of cystic fibrosis or CF.

As part of the agreement, Vertex will pay Concert $160 million in cash for all worldwide development and commercialization rights to CTP-656. If CTP-656 is approved as part of a combination regimen to treat CF, Concert could receive up to an additional $90 million in milestones based on regulatory approval in the U.S. and reimbursement in the UK, Germany or France.

The agreement is subject to approval by Concert's shareholders and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

Concert's Board of Directors unanimously supports the transaction and recommends that Concert's shareholders vote in favor of it.