Kyowa Kirin to acquire Orchard Therapeutics in deal worth $477m
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Kyowa Kirin has agreed to acquire gene therapy developer Orchard Therapeutics for up to $477.6 million, to develop several biopharmaceutical candidates in areas including oncology and autoimmune diseases. Under the terms of the agreement, Kyowa will acquire Orchard for $16 per American Depositary Share (ADS) in cash, approximately worth $387.4m, and Orchard shareholders will hold contingent value rights (CVR) of $1 per ADS.
Orchard said its acquisition by Kyowa Kirin will enable the buyer to maximize the value of Libmeldy and accelerate the development of its next-in-line clinical programs for forms of mucopolysaccharidosis (MPS), plus other early research programs that include a severe, genetic form of Crohn’s disease and frontotemporal dementia (FTD).
“This is an exciting opportunity designed to accelerate the realization of our shared vision of ending the devastation caused by severe genetic diseases and deliver life-changing value in medical care,” Bobby Gaspar, MD, PhD, Orchard’s co-founder and CEO, said in a statement.
“Our hope is to combine the strengths of Kyowa Kirin and Orchard Therapeutics with mutual respect to realize the successful creation and delivery of life-changing value for patients living with rare and life-threatening inherited diseases,” stated Takeyoshi Yamashita, PhD, Kyowa Kirin’s director of the board, chief medical officer, and senior managing executive officer. Once the deal closes, Orchard Therapeutics will become a wholly-owned subsidiary of Kyowa Kirin.
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