Idera Pharma gains on acquiring Aceragen

Aceragen

28/09/2022 22:16

** Shares of biotech Idera Pharmaceuticals  IDRA.O  jump
~20% to 46 cents after market 
    ** Co says has acquired privately-owned Aceragen, Inc in a 
stock-for-stock transaction  urn:newsml:reuters.com:*:nGNX3mnDXM 
    ** Deal includes Aceragen's lead drug candidates ACG-701 and
ACG-801 
    ** Aceragen is testing ACG-701 as a potential treatment for
cystic fibrosis and a fatal bacterial infection; co testing
ACG-801 as a potential treatment of a rare genetic disease
called Farber disease 
    ** IDRA estimates annual peak sales potential of $650 mln
from Aceragen's lead programs 
    ** IDRA equity holders to own ~33% of combined co upon close
    ** After close, combined co to have pro forma cash on hand
of about $27 mln, expected to provide cash runway into Q3 2023 
    ** As of last close, stock down ~33% YTD 
 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))