Biotech company Vertex Pharmaceuticals $VRTX said it is acquiring Alpine Immune Sciences in a cash deal valued at $4.9 billion, the company said in a statement on Wednesday.
Reshma Kewalramani, Vertex’s CEO, said that by acquiring Alpine the company will further its ability to use “scientific innovation to create transformative medicines [that] target serious diseases,” such as kidney disease. Moreover, she said Vertex stands to benefit from Alpine’s “protein engineering and immunotherapy capabilities.”
Under the terms, Vertex will acquire Alpine for $65 a share. The companies said the transaction is expected to close during the second quarter of 2024. It added that the transaction was “unanimously approved” by both of the company’s board of directors.
With the acquisition of Alpine, Vertex may be well positioned to expand its pipeline of immune treatments. Alpine’s leading drug treatment, povetacicept, is used to treat kidney disease.
Vertex shares were down in late afternoon hours, trading at $393.
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