Waltham, Mass.-based Bioverativ will purchase True North Therapeutics, a San Francisco-based biotech, for $400 million, reports Boston Globe.
Here are four things to know.
- Bioverativ will also pay up to $425 million in milestone payments pending regulatory approval of True North's experimental treatments and other sales targets, according to the report.
- True North, which develops treatments for rare diseases, will keep its San Francisco headquarters and maintain most of its 19 employees after the acquisition, reports Boston Globe.
- True North's main experimental drug aims to treat one form of a rare, potentially life-threatening blood disorder called chronic autoimmune hemolytic anemia. The Food and Drug Administration in May granted the drug a breakthrough therapy designation to accelerate its development and regulatory review, according to the report.
- Bioverativ formerly operated as Biogen's hemophilia drug unit. Biogen divested the business in February to place more focus on its main neurological drug business, according to the report.
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