Ipsen said it has reached a deal to buy Swiss biotechnology firm Memo Therapeutics in a transaction with a potential total consideration above 700 million euros ($799.6 million). The acquisition is focused on Memo's lead experimental therapy, potravitug, which targets nephropathy caused by BK polyomavirus in kidney transplant patients.
Under the terms disclosed, Ipsen will deliver an initial cash payment of 200 million euros at closing. Further sums will become payable contingent on research and development progress, regulatory approvals and future sales milestones, which together could elevate the transaction value beyond the 700 million euro threshold.
This purchase follows another deal Ipsen announced earlier in the same week - an agreement to acquire Kartos Therapeutics for up to $1.75 billion. That separate acquisition targets a therapy in development for a rare blood cancer. Together, the two transactions underline Ipsen's recent push to broaden its portfolio in rare-disease indications.
Potravitug, Memo's investigational product at the center of the deal, received fast-track designation from the U.S. Food and Drug Administration in 2023. Memo has slated potravitug to advance into mid- and late-stage clinical trials later this year, milestones that are also relevant to the contingent payments outlined in Ipsen's purchase agreement.
Memo's non-potravitug operations and personnel will not be part of the Ipsen acquisition. Those assets and employees will be transferred into a newly formed company named Memorises Bio, which will remain under the ownership of Memo's existing shareholders.
The companies have not provided additional financial detail beyond the headline figures and the structure of the contingent payments. The announced timeline highlights progression to later-stage trials for potravitug within the current year, subject to the conduct and outcomes of planned clinical work.
Sectors affected: Pharmaceutical development, biotechnology and transplant-related therapeutics.