LEXINGTON, Mass.--(BUSINESS WIRE)--
Pharmaceuticals, Inc. (NASDAQ: CNCE) today announced that the U.S.
Federal Trade Commission ("FTC") has terminated the waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) for
the pending sale of CTP-656 and other assets related to the treatment of
cystic fibrosis by Concert to Vertex
Pharmaceuticals, Inc. (NASDAQ: VRTX). CTP-656 is an investigational
cystic fibrosis transmembrane conductance regulator (CFTR) potentiator
that has the potential to be used as part of future once-daily
combination regimens of CFTR modulators that treat the underlying cause
The expiration of the HSR Act waiting period represents the final
regulatory closing condition required to complete the asset purchase. On
May 24, 2017, Concert shareholders approved the authorization of the
CTP-656 asset purchase agreement. The transaction is expected to close
in the coming days.
As announced on March 6, 2017, pursuant to the asset purchase agreement
and upon closing, Vertex will pay Concert $160 million in cash for all
worldwide development and commercialization rights to CTP-656 and
Concert's other cystic fibrosis assets. If CTP-656 is approved as part
of a combination regimen to treat CF, Concert could receive up to an
additional $90 million in milestones based on regulatory approval in the
U.S. and agreement for reimbursement in the first of the United Kingdom,
Germany or France.
Pharmaceuticals is a clinical stage biopharmaceutical company
focused on applying its DCE
Platform® (deuterated chemical entity platform) to create novel
medicines designed to address unmet patient needs. The Company's
approach starts with approved drugs in which deuterium substitution has
the potential to enhance clinical safety, tolerability or efficacy.
Concert has a broad
pipeline of innovative medicines targeting pulmonary diseases,
including cystic fibrosis, autoimmune and inflammatory diseases and
central nervous systems (CNS) disorders. For more information please
Cautionary Note on Forward Looking Statements
Any statements in this press release about our future expectations,
plans and prospects, including statements about the asset purchase
agreement, potential payments to be received pursuant to the asset
purchase agreement, and other statements containing the words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project," "should,"
"target," "would," and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including: the uncertainties inherent in the
initiation of future clinical trials, availability and timing of data
from ongoing and future clinical trials and the results of such trials,
whether preliminary results from a clinical trial will be predictive of
the final results of that trial or whether results of early clinical
trials will be indicative of the results of later clinical trials,
expectations for regulatory approvals, availability of funding
sufficient for our foreseeable and unforeseeable operating expenses and
capital expenditure requirements and other factors discussed in the
"Risk Factors" section of our most recent Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission and in other filings
that we make with the Securities and Exchange Commission. In addition,
any forward-looking statements included in this press release represent
our views only as of the date of this release and should not be relied
upon as representing our views as of any subsequent date. We
specifically disclaim any obligation to update any forward-looking
statements included in this press release.
Concert Pharmaceuticals Inc., the CoNCERT Pharmaceuticals Inc. logo and
DCE Platform are registered trademarks of Concert Pharmaceuticals, Inc.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170724005210/en/
Concert Pharmaceuticals, Inc.
Kathryn Morris, 845-635-9828
Source: Concert Pharmaceuticals, Inc.
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