(Reuters) – Gilead Sciences Inc said on Thursday it will acquire MYR GmbH for about 1.15 billion euros ($1.39 billion) in cash, giving it access to the German biotech company’s treatment for a severe form of viral hepatitis.
The deal will also include a potential future milestone payment of up to 300 million euros.
MYR’s drug Hepcludex was conditionally approved by the European Medicines Agency in July to treat chronic hepatitis delta virus (HDV) infection in adults with liver cirrhosis.
The German company expects to submit an application for the accelerated approval of Hepcludex, which works by blocking viral entry into liver cells, in the United States in the second half of 2021.
The U.S. Food and Drug Administration has granted the medicine ‘orphan drug’ and ‘breakthrough therapy’ tags for chronic HDV indication.
“HDV is a devastating disease with high unmet medical need. With Hepcludex we have the opportunity to address that need with a first-in-class therapy,” Gilead chief executive officer Daniel O’Day said.
($1 = 0.8252 euros)
Reporting by Vishwadha Chander in Bengaluru; Editing by Shounak Dasgupta