Concert Pharmaceuticals Inc (NASDAQ:CNCE) has today moved forward to make the much awaited for announcement. In connection with its annual shareholder meeting, it has been revealed that the various Concert shareholders went ahead to actually vote in favor of the approval of the asset purchase agreement under which Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is set to actually acquire CTP-656 as well as a wide range of other assets linked to the facing out cystic fibrosis.
As a matter of fact, CTP-656 happens to be an investigational cystic fibrosis transmembrane conductance regulator (CFTR) potentiator believed to showcase great potential to actually serve the need for future once-daily combination regimens of CFTR modulators. This means that it will be possible to face out all the underlying causes of cystic fibrosis and that is indeed great news to the various struggling patients worldwide.
Sources indicate that the providers on March 3, 2017 entered into an asset purchase agreement.
According to the some top company officials, closing the transaction has been termed subject to the clearance under the Hart-Scott-Rodino Antitrust Improvements Act. As a matter of fact, the concert expects that by October 31, 2017 the transaction will have been closed.
In line with this particular agreement, Vertex will be moving forward to pay $160 million in cash and that will of course be to all the global commercialization and development rights to CTP-656.If matters turn out in such a way that CTP-656 moves ahead to receive the sought after approval, then the Concert will move ahead to receive additional $90 million in milestones reimbursement based reimbursement in the UK, Germany or France as well as on regulatory approval in the U.S.
The President and Chief Executive Officer of Concert Pharmaceuticals, Roger Tung while addressing après conference said, “We would like to express our appreciation to Concert’s shareholders for their support. We believe this transaction provides the best path to advance CTP-656 as a treatment for cystic fibrosis patients, and provides financial strength to enable Concert to advance our proprietary pipeline of innovative medicines,”
At the moment there is a lot of speculation in regards to what will happen in the nearby future. However, it is better to just wait and see!
