Gilead Sciences and MYR today announced that they have entered into a definitive agreement that will see Gilead acquire MYR for approximately €1.15 billion in cash, payable upon closing of the transaction plus a potential future milestone payment of up to €0.3 billion (both payments subject to customary adjustments).
Founded in 2011 and headquartered in Bad Homburg, MYR is the first private German biotech company to successfully take a drug from preclinical development to market. MYR’s lead compound ‘Bulevirtide’, sold under the brand name HepcludexTM, is a first-in-class entry inhibitor for the treatment of the most severe form of viral hepatitis, chronic hepatitis D (HDV). HepcludexTM is the first conditionally approved medication for this indication.
Daniel O’Day, the CEO of Gilead Sciences stated: “HDV is a devastating disease with high unmet medical need. With Hepcludex we have the opportunity to address that need with a first-in-class therapy. We look forward to working with the team at MYR to realize the full potential of Hepcludex for HDV patients worldwide. This will build on the work that Gilead has been doing for almost two decades to innovate and improve therapies for viral hepatitis.”
MYR CEO Dmitry Popov commented: “We are proud of our achievement in bringing Hepcludex from preclinical stage to patients in need within such a short timeframe. We are excited to join Gilead, whose experience in the hepatitis field and global infrastructure will realize the full potential of Hepcludex and provide access to as many patients as possible around the world with this debilitating disease.”
This is one of the largest trade sales of a VC-financed German biotech startup in the last 20 years, and the most successful exit in the history of the MYR investor High-Tech Gründerfonds.
Dr. Bernd Goergen, Partner with High-Tech Gründerfonds, commented: “After the conditional EMA-approval of Hepcludex in July 2020, today is the second best day for us as MYR’s first external investor and the end of a long and successful journey together with the founder- and management team. Gilead Sciences is the perfect partner to turn the hope of millions of HDV-infected patients for a better live into reality.”