VectivBio Holding AG

2023年5月22日，Ironwood宣布将以17美元/股的价格收购VectivBio，收购总金额约10亿美元，获得后者GLP-2核心管线等资产。 Ironwood是一家聚焦胃肠道疾病的生物技术公司，收购VectivBio将形成很好的互补，Apraglutide有望成为最好的GLP-2类新药，销售峰值可能超过10亿美元。 Apraglutide预计今年底获得三期临床顶线数据。 伴肠衰竭的短肠综合征（SBS-IF）存在严重的未满足需求，在欧美有1.7万例患者，在日本有1000例患者。 2022年，GLP-2新药Gattex的销售额为7.5亿美元，Apraglutide有望取代其市场地位，并达到10亿美元以上的销售峰值。 Apraglutide具有比Gattex（Teduglutide）更长的半衰期，只需要没周给药一次，而Gattex需要每天给药。 总结 GLP-1、GLP-2都来自于胰高血糖素原，但发挥不同的生理功能。GLP-1在降糖、减重等领域不断取得突破的同时，GLP-2在肠道疾病领域也在取得新的进展。 内容来源于网络，如有侵权，请联系删除。

- Transaction Advances Ironwood’s Vision of Becoming the Leading GI Healthcare Company - - Adds apraglutide, Next Generation, Synthetic GLP-2 Analog in Phase 3 for Short Bowel Syndrome with Intestinal Failure (SBS-IF); Potential to become Best-in-Class for SBS-IF - - Orphan Drug Designation Received for Treatment of Adult Patients with SBS-IF; Topline Results of Phase 3 Trial Expected by the End of 2023 - - Ironwood to Commence All-Cash Tender Offer to Acquire All Outstanding Shares of VectivBio for $17.00 per Share - BOSTON, MA, USA & BASEL, Switzerland I May 22, 2023 I Ironwood Pharmaceuticals, Inc. (“Ironwood”) (Nasdaq: IRWD), a GI-focused healthcare company, and VectivBio Holding AG (“VectivBio”) (Nasdaq: VECT), a clinical-stage biopharmaceutical company pioneering novel, transformational treatments for severe rare gastrointestinal conditions, today announced that they have entered into a definitive agreement for Ironwood to acquire VectivBio for $17.00 per share in an all-cash transaction with an estimated aggregate consideration of approximately $1 billion, net of VectivBio cash and debt (the “Transaction”). The acquisition price represents a premium of 80% relative to the volume-weighted average share price over the previous 90 trading days. The Transaction was approved by both the Ironwood and VectivBio Boards of Directors and the Transaction Agreement was entered into on May 21, 2023. The Transaction is conditioned upon, among other things, the tender of shares representing more than 80% of VectivBio’s issued and outstanding shares and other customary conditions. Orbimed, Forbion and Versant Ventures, and VectivBio’s directors and officers, jointly representing 28.6% of VectivBio’s shareholdings, entered into tender and support agreements pursuant to which such supporting shareholders agreed, among other things, to tender their shares in the tender offer. Headquartered in Basel, Switzerland, VectivBio is a clinical-stage biotechnology company focused on the discovery and development of treatments for severe, rare conditions, including Short Bowel Syndrome with Intestinal Failure (SBS-IF) and acute Graft versus Host Disease (aGvHD). SBS-IF is a severe malabsorptive condition requiring ongoing I.V. administration of fluids and nutrients and is associated with significant morbidity and mortality, high economic burden, and an impaired quality of life. A substantial number of SBS-IF patients remain dependent on chronic parenteral support, and there is considerable unmet need in this patient population, which has an estimated addressable population of 18,000 adult patients across the U.S., Europe, and Japan 1 . aGVHD is an immunologically mediated disease occurring in individuals undergoing allogeneic hemopoetic stem cell transplantation (HSCT) where donor immune cells react against the host recipient. The gastrointestinal system is among the most common sites affected by acute GVHD, and severe manifestations of aGVHD of the gut portends a poor prognosis in patients after HSCT. VectivBio’s lead investigational asset, apraglutide, is a next-generation, GLP-2 analog which has shown compelling data to date and is currently in Phase 3 with plans for topline readout by year’s end. Apraglutide has the potential to be the best-in-class GLP-2 therapy for the treatment of SBS-IF based on its potency and pharmacological properties, unique convenience of weekly dosing, and Phase 3 study designed to evaluate clinical benefit for both SBS-IF stoma and colon-in-continuity patients. If successful and approved, Ironwood believes apraglutide presents an opportunity to reach $1 billion in peak net sales. This Transaction has the potential to strengthen Ironwood’s innovative portfolio and pipeline to advance the treatment of GI diseases and redefine the standard of care for GI patients. With its proven track record, Ironwood is well-positioned to leverage its expertise in clinical development, regulatory pathways, medical affairs and commercial execution to progress and maximize the potential value of apraglutide for patients, physicians and shareholders. “The acquisition of VectivBio, including its compelling asset, apraglutide, is an ideal strategic fit with Ironwood,” said Tom McCourt, chief executive officer of Ironwood. “With the success of our blockbuster product, LINZESS, we have built a strong GI commercial function, healthy cash flow generation, and meaningful EBITDA. We are confident that with our GI expertise, commercial capabilities, and robust balance sheet, we are well-positioned to continue developing apraglutide, with the goal of getting it into the hands of the patients who need it the most and potentially generate significant and sustainable value for shareholders.” “We are delighted to enter into this agreement with Ironwood to advance the development and commercialization of innovative therapies targeted at GI and rare diseases, which is the mission of VectivBio,” said Luca Santarelli, M.D., chief executive officer and founder of VectivBio. “Ironwood’s capabilities and established track record in GI make it the ideal company to bring apraglutide, if approved, to patients suffering from SBS-IF and other serious GI conditions. We believe this Transaction represents the best outcome for our patients and shareholders.” Strategic and Financial Benefits The acquisition of VectivBio and its lead investigational asset apraglutide provides a significant opportunity to accelerate the next growth horizon for Ironwood. The Transaction has the potential to deliver meaningful strategic and financial benefits, including: Transaction Terms and Closing Under the terms of the Transaction Agreement, Ironwood will commence a tender offer to purchase all of VectivBio’s outstanding ordinary shares for $17.00 per share in cash. The closing of the tender offer will be subject to certain conditions, including the tender of more than 80% of the total number of VectivBio’s outstanding shares, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, certain shareholder approvals and other customary closing conditions (the “Offer Conditions”). VectivBio’s Board of Directors recommends that VectivBio shareholders tender their shares in the tender offer. The Transaction, which was approved by each company’s Boards of Directors, is expected to close in the second half of 2023, subject to the Offer Conditions. Assuming the closing of the tender offer and Ironwood holding at least 90% of the outstanding shares of VectivBio, Ironwood expects to acquire any shares of VectivBio not tendered into the tender offer through a merger of VectivBio with and into a subsidiary of Ironwood for the same per share consideration as will be payable in the tender offer. Orbimed, Forbion and Versant Ventures, and VectivBio’s directors and officers jointly representing 28.6% of VectivBio’s shareholdings, entered into tender and support agreements pursuant to which such supporting shareholders agreed, among other things, to tender their shares in the tender. VectivBio will covene an extraordinary general meeting of shareholders on June 26, 2023 for the purpose of obtaining certain shareholder approvals in connection with the Transaction. Ironwood expects to finance the acquisition with cash on hand and funds drawn through a four-year, $500 million revolving credit facility entered in connection with the Transaction. Ironwood expects to provide updated full year 2023 adjusted EBITDA financial guidance upon closing of the transaction. Advisors Citi, J.P. Morgan Securities, LLC, RBC Capital Markets, LLC, and Wells Fargo Securities, LLC are serving as financial advisors to Ironwood on the transaction. Financing for the transaction has been provided by Citibank, N.A., Citizens Bank, N.A., JPMorgan Chase Bank, N.A., Royal Bank of Canada, and Wells Fargo Bank, National Association. Latham and Watkins LLP and Advestra AG are serving as legal advisors to Ironwood. Centerview Partners LLC and BofA Securities, Inc. are serving as financial advisors to VectivBio, and Cooley (UK) LLP and Homburger AG are serving as legal advisors to VectivBio. Conference Call Information Ironwood will host a conference call and webcast today at 8:30 a.m. Eastern Time on Monday, May 22, 2023 to discuss the Transaction. Individuals interested in participating in the call should dial (888) 330-2384 (U.S. and Canada) or (240) 789-2701 (international) using conference ID number and event passcode 4671230. To access the webcast, please visit the Investors section of Ironwood’s website at www.ironwoodpharma.com at least 15 minutes prior to the start of the call to ensure adequate time for any software downloads that may be required. The call will be available for replay via telephone starting at approximately 11:30 a.m. Eastern Time on May 22, 2023, running through 11:59 p.m. Eastern Time on June 5, 2023. To listen to the replay, dial (800) 770-2030 (U.S. and Canada) or (647) 362-9199 (international) using conference ID number 4671230. The archived webcast will be available on Ironwood’s website for 14 days beginning approximately one hour after the call has completed. About Ironwood Ironwood Pharmaceuticals (Nasdaq: IRWD), an S&P SmallCap 600 ® company, is a leading gastrointestinal (GI) healthcare company on a mission to advance the treatment of GI diseases and redefine the standard of care for GI patients. We are pioneers in the development of LINZESS ® (linaclotide), the U.S. branded prescription market leader for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Under the guidance of our seasoned industry leaders, we continue to build upon our history of GI innovation and challenge what has been done before to shape what the future holds. We keep patients at the heart of our R&D and commercialization efforts to reduce the burden of GI diseases and address significant unmet needs. Founded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts. We routinely post information that may be important to investors on our website at www.ironwoodpharma.com . In addition, follow us on Twitter and on LinkedIn . About VectivBio AG VectivBio is a global clinical-stage biotechnology company focused on transforming and improving the lives of patients with severe rare conditions. Lead product candidate apraglutide is a next-generation, long-acting synthetic GLP-2 analog being developed for a range of rare gastrointestinal diseases where GLP-2 can play a central role in addressing disease pathophysiology, including short bowel syndrome with intestinal failure (SBS-IF) and Acute Graft-Versus-Host Disease (aGVHD). VectivBio is also advancing its modular, small molecule CoMET platform to address a broad range of previously undruggable Inherited Metabolic Diseases (IMDs). CoMET leverages innovative chemistry, based on a proprietary stabilized pantetheine backbone, to restore fundamental cellular metabolism in pediatric populations with IMDs characterized by a deficit of energy metabolism caused by the depletion of functional Coenzyme A (“CoA”). Candidates from the CoMET platform are initially being evaluated in methylmalonic acidemia (MMA), propionic acidemia (PA), and other organic acidemias. About Apraglutide Apraglutide is an investigational new drug that is a next-generation, long-acting synthetic GLP-2 analog being developed for a range of rare gastrointestinal diseases where GLP-2 can play a central role in addressing disease pathophysiology, including short bowel syndrome with intestinal failure (SBS-IF) and Acute Graft-Versus-Host Disease (aGVHD). LINZESS Important Safety Information INDICATIONS AND USAGE LINZESS (linaclotide) is indicated in adults for the treatment of both irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC). Please see full Prescribing Information including Boxed Warning: http://www.allergan.com/assets/pdf/linzess_pi 1 Rights to apraglutide in Japan have been exclusively licensed to Ashai Kasei Pharma Corporation (AKP) SOURCE: Ironwood Pharmaceuticals

Ironwood Pharmaceuticals, a company whose drug research yielded a blockbuster gastrointestinal disorder drug, has struck a $1 billion deal to acquire VectivBio, a biotech whose lead program brings blockbuster potential in yet another intestinal indication. Under the deal, Ironwood will pay $17 cash for each share of VectivBio. That’s the same price VectivBio set for its shares when it went public two years ago, but the company’s stock price has since fallen along with the rest of the biotech sector amid challenging financial conditions. The purchase price announced Monday represents a 45% premium to VectivBio’s closing stock price last Friday and an 80% premium to VectivBio’s average share price over the past 90 trading days. Ironwood’s current blockbuster product is Linzess, a drug with approvals in irritable bowel syndrome and constipation. Boston-based Ironwood brought Linzess to the market through a partnership with AbbVie. The North Chicago-based pharma giant reported more than $1 billion in revenue from the drug in 2022. The partners share equally in U.S. profits and AbbVie pays Ironwood royalties from sales of the drug in other markets. Most of Ironwood’s revenue comes from Linzess, but U.S. patents on the drug begin expiring starting next year. Basel, Switzerland-based VectivBio brings a drug that could offset the expected decline in Linzess revenue. VectivBio’s lead drug, apraglutide, is an analog of glucagon-like peptide-2 (GLP-2), a peptide already in the body that brings beneficial effects to intestinal function. The biotech is developing its version of the peptide as a treatment for short bowel syndrome with intestinal failure (SBS-IF), a condition in which the intestine is unable to absorb fluid and nutrients. SBS can already be treated with a GLP-2 drug. Takeda Pharmaceutical’s teduglutide, marketed as Gattex in the U.S., was approved by the FDA in 2012. But that drug’s short half-life means it must be administered as a once-daily injection. VectivBio describes apraglutide as a next-generation, long-acting GLP-2 analog. In addition to a longer half-life that could offer once-weekly dosing, this peptide could enhance nutrition absorption in the small intestine. A Phase 3 test of the VectivBio drug is expected to report preliminary data by the end of 2023. Apraglutide is also in development as a treatment for acute graft versus host disease, a transplant complication in which donor immune cells attack the host’s cells. The gastrointestinal system is one part of the body commonly affected by graft versus host disease. In this indication, apraglutide has reached mid-stage clinical development. In the announcement of the acquisition agreement, Ironwood CEO Tom McCourt described VectivBio’s drug as a strategic fit with his company. “We are confident that with our GI expertise, commercial capabilities, and robust balance sheet, we are well-positioned to continue developing apraglutide, with the goal of getting it into the hands of the patients who need it the most and potentially generate significant and sustainable value for shareholders.” The boards of directors of both companies have approved the acquisition, but the deal is a tender offer that’s contingent on Ironwood being able to acquire more than 90% of VectivBio’s total outstanding shares. Orbimed, Forbion and Versant Ventures, and VectivBio’s directors and officers which together represent 28.6% of VectivBio’s shares have agreed to tender their shares. VectivBio has scheduled a June 26 shareholder meeting to obtain additional shareholder approvals for the Ironwood acquisition.