Vertex Pharmaceuticals, a Boston-based bio/pharmaceutical company, has agreed to acquire Alpine Immune Sciences, a Seattle, Washington-based clinical-stage bio/pharmaceutical company developing protein-based immunotherapies, for approximately $4.9 billion. 

Alpine’s lead molecule, povetacicept (ALPN-303), is in Phase II development to treat  IgA nephropathy, a progressive, autoimmune disease of the kidney that can lead to end-stage-renal disease. Povetacicept is on track to enter Phase III clinical development in the second half of 2024. 

Under the merger agreement, Vertex will acquire Alpine for $65 per share in cash, for a total equity value of approximately $4.9 billion, or approximately $4.6 billion net of estimated cash acquired. A subsidiary of Vertex will commence a cash tender offer to purchase all outstanding shares of Alpine common stock. 

The proposed deal has been approved by both companies’ Board of Directors. The transaction is expected to close in the second quarter of 2024, subject to certain conditions, including the tender of a majority of the outstanding shares of Alpine common stock and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions. 

Source: Vertex Pharmaceuticals