EQT Life Sciences Portfolio Company Amolyt Pharma Acquired by Alexion, AstraZeneca Rare Diseases for $1.05 Billion

EQT Life Sciences Portfolio Company Amolyt Pharma Acquired by Alexion, AstraZeneca Rare Diseases for $1.05 Billion

(IN BRIEF) EQT Life Sciences announces the acquisition of its portfolio company, Amolyt Pharma, by Alexion, AstraZeneca Rare Diseases, for a total deal value of $1.05 billion. This acquisition underscores Amolyt’s significant advancements in developing novel treatments for rare endocrine diseases, particularly hypoparathyroidism, affecting approximately 115,000 people in the United States and 107,000 people in the European Union. EQT Life Sciences, through its LSP 6 fund, initially invested in Amolyt during its preclinical stages, facilitating its progression to a Phase III program for Eneboparatide, a potential treatment targeting the PTH receptor 1. The transaction, expected to close in the third quarter of 2024, highlights EQT Life Sciences’ commitment to supporting impactful healthcare innovations.

(PRESS RELEASE) AMSTERDAM, 15-Mar-2024 — /EuropaWire/ — EQT Life Sciences is pleased to announce that its portfolio company Amolyt Pharma has agreed to be acquired by Alexion, AstraZeneca Rare Diseases for a total deal value of USD1.05 billion. Amolyt is a clinical-stage biotechnology company focused on developing novel treatments for rare endocrine diseases.

Amolyt Pharma is developing a treatment for hypoparathyroidism, which is one of the largest known rare diseases. It affects an estimated 115,000 people in the United States and 107,000 people in the European Union, approximately 80% of whom are women. Patients with hypoparathyroidism lack enough parathyroid hormone, causing problems with calcium and phosphate levels in their bodies. This can lead to serious symptoms and complications however current treatments often cause chronic kidney disease. Amolyt is working on a treatment called Eneboparatide, which aims to address the issues of hypoparathyroidism by targeting the PTH receptor 1.

EQT Life Sciences originally invested in Amolyt’s Series A through its LSP 6 fund, as the lead investor. At the time the lead program was still in preclinical stages but with EQT’s support, the company has completed a phase I/II study and started a Phase III program, which is ongoing. Phase II data showed that Eneboparatide achieved normalization of serum calcium levels as well as the potential to eliminate dependence on daily calcium and vitamin D supplementation. In addition, Eneboparatide reduced calcium in urine in adults with chronic hyperparathyroidism and hypercalciuria and preserved bone mineral density, an important potential benefit in patients with an increased risk of osteopenia or osteoporosis. The Company has also expanded its pipeline by adding two additional programs, while strengthening its Board and Management team.

Felice Verduyn-van Weegen, outgoing Board member at Amolyt Pharna and Partner at EQT Life Sciences: “We have seen the potential of Amolyt since the beginning, so it’s rewarding to see that potential be recognized by a company like Alexion. We have long believed that Amolyt’s treatments can have a meaningful impact on the lives of hypoparathyroidism patients and supported the Company through every stage of its growth, having spent the past four years on the Board. Amolyt – with its fantastic team, stellar execution and life changing treatment – is a clear example of the kind of company that EQT Life Sciences looks to support. We wish the Amolyt team all the best going forward.”

“We are proud of the remarkable achievements of our team in building and developing a portfolio of therapeutic peptides with the potential to address significant unmet needs for rare endocrine and related diseases, having advanced eneboparatide to Phase 3 for hypoparathyroidism and created an early-stage pipeline in less than 5 years.” said Thierry Abribat, Ph.D., Founder and Chief Executive Officer of Amolyt Pharma. “We are thankful for the support from EQT to our company, they have been instrumental in setting bold targets and executing on them since the beginning.”

Terms of the agreement
Under the terms of the agreement, Alexion will acquire all of Amolyt Pharma’s outstanding shares for a total consideration of up to $1.05B, on a cash and debt free basis. This includes $800 million upfront at deal closing, plus the right for Amolyt Pharma’s shareholders to receive an additional contingent payment of $250 million payable upon achievement of a specified regulatory milestone.

Subject to the satisfaction of customary closing conditions in the acquisition agreement, including regulatory clearances, the transaction is expected to close by the end of the third quarter of 2024.

Notes
Eneboparatide (AZP-3601) is an investigational therapeutic peptide designed to bind with high affinity to a specific conformation of the parathyroid hormone (PTH) receptor 1. Therapeutic goals include: regulating and maintaining serum calcium levels in the normal range, and thereby managing the symptoms of hypoparathyroidism; limiting urine calcium excretion by restoring calcium reabsorption by the kidney; and potentially preventing progressive decline in kidney function and the development of chronic kidney disease. Eneboparatide is also designed to have a short plasma half-life to potentially restore bone turnover to a more physiologic state and to help preserve bone integrity.

Hypoparathyroidism is a rare condition defined by a deficiency of parathyroid hormone that results in decreased calcium and elevated phosphorus levels in the blood. Approximately 80% of the estimated 115,000 people in the United States and 107,000 in the European Union with hypoparathyroidism are women. Despite available treatments, patients experience persistent, life-altering symptoms and often develop complications and comorbidities that diminish quality of life and create segments of the patient population with specific clinical needs. Clinical manifestations of hypoparathyroidism impact many tissues and organ systems, in particular, the kidneys and bone.

About EQT Life Sciences

EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and health care venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients.

The team combines deep sector knowledge, analytical skills, and investment experience to provide the added value that inventors seek. EQT Life Sciences’ broad life sciences and healthcare network is highly complementary to EQT’s global healthcare sector franchise and makes EQT an even better and more innovative healthcare investor.

More info: eqtgroup.com/lifesciences
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Media Contacts:

EQT Press Office
press@eqtpartners.com

Felice Verduyn-van Weegen
partner, EQT Life Sciences
Felice.verduyn@eqtpartners.com

SOURCE: EQT