Adding to its list of achievements, on Tuesday the Swiss biotech announced it is acquiring Comet Therapeutics.
VectivBio AG has made some significant progress since launching in 2020. In less than two years, the company has had multiple significant financing rounds and completed an initial public offering (IPO), among other accomplishments along the way.
Adding to its list of achievements, on Tuesday the Swiss biotech announced it is acquiring Comet Therapeutics.
Comet works to develop drugs for previously untreatable inherited metabolic diseases (IMD). IMDs are medical conditions caused by genetic defects that interfere with the body’s metabolism. They are often times life-impairing or fatal diseases that have limited treatment options. Comet’s current investors include Sofinnova Partners, INKEF Capital, Canaan and Mission BioCapital.
With the acquisition, VectivBio will gain Comet’s proprietary CoMET platform, which uses innovative chemistry to provide a stabilized CoA precursor and key metabolic intermediates to restore fundamental cellular metabolism.
“The platform’s potential to deliver a pipeline of medicines that target the fundamental molecular pathophysiology of IMDs by unlocking previously inaccessible pathways, would provide us with the opportunity to transform the lives of these patients,” said Luca Santarelli, M.D., founder and chief executive officer of VectivBio. “We are eager to begin work on our new programs and look forward to progressing our first candidate towards the clinic.”
The acquisition is expected to be complete by the end of September. No cash specifics were disclosed at the time of announcement.
VectivBio also announced that it will be hosting an R&D Day in September 21 for investors and analysts. The company will be covering a range of topics including apraglutide’s potential in treating short bowel syndrome with intestinal failure and graft-versus-host disease and an overview of the CoMET platform.
Apraglutide, VectivBio’s lead product candidate, is a next-generation GLP-2 analog that is currently being evaluated in a global Phase III trial. The drug aims to increase the intestine’s ability to absorb fluids and nutrients and minimize the burden of parenteral support.
Just a few months ago, VectivBio announced the closing of its $146.6 million IPO. The company began trading on the Nasdaq on April 9 under the ticker symbol VECT. VectivBio is a spinout of Therachon Holding AG and launched in January 2020 with a $35 million Series A financing round.
“Rare diseases remain an area of significant unmet medical need, where our team’s proven track record and entrepreneurial mindset will enable us to have a positive impact,” Santarelli said at the time of the IPO announcement.
