REG - Sareum Holdings PLC - Sareum notes acquisition of Sierra Oncology by GSK

Sareum HoldingsAnnouncement

13/04/2022 16:15

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RNS Number : 3162I  Sareum Holdings PLC  13 April 2022

SAREUM HOLDINGS PLC

("Sareum" or "the Company")

Sareum notes proposed acquisition of Sierra Oncology by GSK

Cambridge, UK, 13 April 2022 - Sareum Holdings plc (AIM: SAR), the specialist
drug development company, notes that Sierra Oncology, Inc ("Sierra"), the
licence holder for SRA737 (a novel Chk1 inhibitor), has agreed to be acquired
by GlaxoSmithKline plc ("GSK") for US$1.9 billion in cash. The transaction is
expected to close in the third quarter of 2022 or before. GSK has noted that
the key driver of the acquisition was momelotinib, a drug Sierra is developing
for the treatment of myelofibrosis, which reported positive topline results in
a Phase III study in January 2022.

SRA737 was discovered and initially developed by scientists at The Institute
of Cancer Research in collaboration with Sareum, and with funding from Sareum
and Cancer Research UK. SRA737 was licensed to Sierra in September 2016.

During the second half of 2021 and early 2022, Sierra noted it is finalising
the design of several potential clinical trials to advance its pipeline
candidates, including SRA737, which it said could start in 2022. These trials
would investigate SRA737 in combination with other agents in haematologic and
solid tumour indications.

Under an amended US$299m licensing deal on SRA737 between Sierra and CRT
Pioneer Fund LP, Sareum is eligible to receive a 27.5% share of any future
milestone payments as well as royalties on any future sales. The dosing of the
first patient with SRA737 in any new clinical trial would result in a US$2.0m
payment from Sierra, with 27.5% of this due to Sareum.

The full announcement made by Sierra can be viewed here
(https://investor.sierraoncology.com/news-releases/news-details/2022/GSK-Reaches-Agreement-to-Acquire-Late-Stage-Biopharmaceutical-Company-Sierra-Oncology-For-1.9bn/default.aspx)
.

For further information, please contact:

 Sareum Holdings plc

 Tim Mitchell, CEO                                    01223 497700

 Strand Hanson Limited (Nominated Adviser)

 James Dance / James Bellman                          020 7409 3494

 Peel Hunt LLP (Joint Corporate Broker)

 James Steel                                          020 7418 8900

 Hybridan LLP (Joint Corporate Broker)

 Claire Noyce                                         020 3764 2341

 MEDiSTRAVA Consulting (Financial PR)

 Mark Swallow / George Underwood / Evelyn McCormack   020 3928 6900

 

About Sareum

Sareum is a specialist drug development company delivering targeted small
molecule therapeutics to improve the treatment of cancer and autoimmune
diseases. The Company aims to generate value through licensing its candidates
to international pharmaceutical and biotechnology companies at the preclinical
or early clinical trials stage.

Sareum is advancing internal programmes focused on distinct dual tyrosine
kinase 2 (TYK2) / Janus kinase 1 (JAK1) inhibitors through preclinical
development as therapies for autoimmune diseases, including the 'cytokine
storm' immune system overreaction to Covid-19 and other viral infections,
(SDC-1801) and cancer immunotherapy (SDC-1802).

Sareum also has an economic interest in SRA737, a clinical-stage oral,
selective Checkpoint kinase 1 (Chk1) inhibitor that targets cancer cell
replication and DNA damage repair mechanisms. Preliminary Phase 2 and
comprehensive preclinical data suggest SRA737 may have broad application in
combination with other oncology and immune-oncology drugs in genetically
defined patients.

SRA737 was discovered and initially developed by scientists at The Institute
of Cancer Research in collaboration with Sareum, and with funding from Sareum
and Cancer Research UK. SRA737 was licensed by CRT Pioneer Fund (CPF) to
Sierra Oncology Inc. Sierra continues to explore options that would enable the
development of SRA737 to advance.

Sareum Holdings plc is listed on the AIM market of the London Stock Exchange,
trading under the ticker SAR. For further information, please visit the
Company's website at www.sareum.com (http://www.sareum.com)

- Ends -

 

 

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