Investing
Roche to acquire obesity drug maker Carmot Therapeutics for $2.7 billion
© Reuters. FILE PHOTO: The logo of Swiss drugmaker Roche is seen at its headquarters in Basel, Switzerland January 30, 2020. REUTERS/Arnd Wiegmann/File Photo
ZURICH (Reuters) -Pharmaceutical giant Roche said on Monday it has entered into a definitive agreement to acquire Carmot Therapeutics, a U.S. company with a research focus on obesity, for $2.7 billion.
On top of the upfront purchase price of $2.7 billion, Roche said Carmot’s equity holders will receive payments of up to $400 million if certain milestones are achieved.
Carmot’s current portfolio includes clinical stage subcutaneous and oral incretins aimed at treating obesity in patients with and without diabetes, as well as a number of preclinical programs, Roche said in a statement.
Roche’s Chief Medical Officer, Levi Garraway, said the clinical data for Carmot’s lead asset CT-388, was particularly encouraging.
Carmot’s employees will join Roche’s pharmaceuticals division when the transaction officially closes, expected in the first quarter of 2024.
Roche will obtain access to Carmot’s current R&D portfolio including all clinical and pre-clinical assets.
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