Roche has completed its acquisition of Carmot Therapeutics, a Berkeley, California-based bio/pharmaceutical company, in a deal worth $3.1 billion ($2.7 billion at closing plus $400 million in potential milestone payments). The deal was announced last December (December 2023) and closed earlier this year (January 2024).

The acquisition provides Roche with three clinical-stage assets with potential in treating obesity and diabetes. These include: (1) CT-388, a once-weekly subcutaneous injectable in Phase II, for treating obesity in patients with and without Type 2 diabetes; (2) CT-996, a once-daily oral small-molecule drug, in Phase I, for treating obesity in patients with and without Type 2 diabetes; and (3) CT-868, a once-daily subcutaneous injectable, in Phase II, for treating Type 1 diabetes patients with overweight or obesity. These drug candidates are incretins, which are gut hormones that are secreted after food intake and play a role in modulating blood glucose by stimulating insulin secretion and suppressing appetite. Roche says the incretin-based portfolio could also be expanded to other indications where incretins play a role, including cardiovascular, retinal, and neurodegenerative diseases.  

Roche acquired all outstanding shares and options of Carmot at a purchase price of $2.7 billion. Carmot’s equity holders are additionally entitled to receive payments of up to $400 million depending on the achievement of certain milestones. 

Source: Carmot Therapeutics