Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) today announced that its offer, through a wholly owned subsidiary, for the shares in Wilson Therapeutics has been accepted by shareholders representing 97.7 percent of the total number of shares and votes in Wilson Therapeutics. The acquisition has also been approved by relevant regulatory authorities. As more than 90 percent of the total number of shares have been tendered and all conditions of the offer have been fulfilled, the offer has been declared unconditional and settlement of the tendered shares will occur on May 30, 2018.
“The acquisition of Wilson Therapeutics is a key first step in rebuilding our pipeline,” said Ludwig Hantson, Ph.D., Chief Executive Officer of Alexion. “We look forward to using our significant experience in rare metabolic and neurological diseases to improve treatment for patients with Wilson disease through the development of WTX101, which has the potential to be the first new treatment in more than 20 years and become the new standard of care for Wilson disease.”
In order to give Wilson Therapeutics’ shareholders additional time to accept the offer, Alexion has extended the acceptance period until June 8, 2018. Settlement for shares tendered during this extended acceptance period is expected on June 15, 2018.
Alexion intends to initiate compulsory redemption proceedings regarding the remaining shares in Wilson Therapeutics as well as to promote a delisting of the shares from Nasdaq Stockholm.
For additional details on the transaction, please visit http://ir.alexion.com/acquisitions.cfm.
About Wilson Disease
Wilson disease is a rare, chronic, genetic, and potentially life-threatening liver disorder of impaired copper transport. Copper balance is normally maintained in the body by hepatic excretion of excessive copper in the bile. In patients with Wilson disease, a genetic mutation disables this biliary excretion pathway and excess copper accumulates over time in the liver cells. The accumulation of copper eventually overwhelms safe storage capacity and cellular injury occurs. When the liver’s capacity for copper storage is exceeded, and when liver cells are injured, copper is released into the circulation and may accumulate in other organs, including the central nervous system. Untreated, Wilson disease leads to various combinations and severity of hepatic, neurologic, and psychiatric symptoms, and can be fatal.1,2
Wilson disease affects approximately one in every 30,000 people worldwide.3 The average age of diagnosis is 15-20 years,3 with the majority of patients presenting between the ages of 10 and 30.4 Current standard of care includes metal chelators to remove serum copper, followed by maintenance with zinc to prevent re-accumulation.1,2 There have been no new treatment options approved in over two decades and a significant unmet need still exists for patients.
About WTX101
WTX101 (bis-choline tetrathiomolybdate) is a first-in-class copper-binding agent with a unique mechanism of action, under investigation as a novel therapy for Wilson disease. In contrast to current treatments, WTX101 provides an alternative copper-protein binding mechanism by forming a tripartite complex with copper and albumin. WTX101 thereby detoxifies excess copper in both liver and blood, and promotes copper clearance through biliary excretion (the body’s natural route of elimination). WTX101 has a 10,000-fold higher affinity for copper than other chelators and addresses the underlying cause of the disease.
A Phase 2 study evaluating the efficacy and safety of WTX101 in patients with Wilson disease has been completed successfully.5 In addition, the active moiety of WTX101, tetrathiomolybdate, has been tested in several previous clinical studies in Wilson disease patients. The data from these studies suggest that WTX101 can reduce and control free copper levels and improve symptoms and associated disabilities. The data also suggest that WTX101 is generally well tolerated with a low risk of drug-induced neurological worsening. WTX101 has received Fast Track designation in the U.S. and Orphan Drug Designation for the treatment of Wilson disease in the U.S. and EU.
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