IP Group PLC - Enterprise Therapeutics' program acquired by Roche
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IP Group plc - Portfolio company Enterprise Therapeutics' TMEM16A potentiator program for treatment of cystic fibrosis & other respiratory diseases acquired by Roche
· IP Group's cash realisations for the year now total
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is delighted to note that portfolio company Enterprise Therapeutics Ltd ("Enterprise" or "the Company") has announced that its novel TMEM16A potentiator portfolio has been acquired by Roche and will be developed by Genentech, a member of the Roche Group.
In connection with the transaction, Enterprise's shareholders received an upfront payment of
Following completion of the transaction, the Group has an undiluted beneficial shareholding of 21.7% in Enterprise. At
Enterprise is a biopharmaceutical company dedicated to the discovery and development of novel therapies to improve the lives of patients suffering with respiratory disease. The TMEM16A portfolio includes ETD002, which recently entered Phase 1 trials, and is focused toward treating all people with cystic fibrosis (CF) with potential to benefit people with other severe respiratory diseases characterised by excessive mucus congestion. Following acquisition of the TMEM16A portfolio, Enterprise will continue to develop its remaining lead respiratory program, the ENaC blocker ETD001.
The full announcement follows.
For more information, please contact:
IP Group plc
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+44 (0) 20 7444 0050
Charlotte Street Partners
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+44 (0) 7854 609998
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+44 (0) 7810 636995
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in early-stage to mature businesses across life sciences and technology. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.
Group holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.
For more information, please visit our website at www.ipgroupplc.com.
Enterprise Therapeutics' First-in-Class TMEM16A potentiator program for treatment of cystic fibrosis and other respiratory diseases acquired by Roche
● Enterprise's novel TMEM16A potentiator portfolio includes ETD002, a first in class compound which is currently in Phase 1
● TMEM16A potentiation is a novel therapeutic approach applicable to all cystic fibrosis patients, independent of CFTR genotype, and may provide benefit in other respiratory diseases
● Enterprise's shareholders received an upfront payment of £75 million
Enterprise's shareholders received an upfront payment of
The TMEM16A portfolio is focused toward treating all people with cystic fibrosis (CF), with potential to benefit people with other severe respiratory diseases characterised by excessive mucus congestion.
CF is estimated to affect 75,000 people globally. One of the main causes of difficulty in breathing and increased risk of infection is mucus congestion in the lungs. The ETD002 compound targets the underlying mechanisms of mucus congestion, and is expected to restore lung function, reduce the frequency of lung infections and improve patient quality of life. CF is caused by loss of function mutations in the Cystic Fibrosis Transmembrane conductance Regulator (CFTR) gene, that normally produces an anion channel highly expressed by the airway epithelium. Increasing anion conductance via CFTR modulation is a clinically validated approach for treating CF, however it is not currently available or effective for all people with CF.
In pre-clinical models, Enterprise has demonstrated that ETD002 enhances the activity of TMEM16A, an alternative anion channel present in airway epithelial cells, and by doing so increases anion and fluid flow into the airways, thinning the mucus and increasing its clearance. As TMEM16A potentiation is independent of the mutational status of CFTR, this makes the approach potentially applicable to all people with CF, and perhaps patients with non-CF muco-obstructive lung disease.
Moelis acted as financial advisor and Goodwin Procter acted as legal counsel to Enterprise Therapeutics.
Notes for Editors
For further information please contact:
Tel: +44 (0)7787 502 947
Email: [email protected]
About Enterprise Therapeutics www.enterprisetherapeutics.com
Enterprise Therapeutics is discovering and developing new therapies that target the underlying mechanisms of mucus congestion in the lungs, one of the main causes of difficulty in breathing and increased risk of infection in respiratory diseases such as cystic fibrosis and COPD. Reducing mucus congestion will reduce the frequency of lung infections and improve quality of life.
The Company's novel muco-regulatory therapies target ion channels TMEM16A and ENaC to increase the hydration and clearance of mucus. Enterprise has also identified novel targets and compounds that reduce mucus production, an approach that complements mucus hydration therapies.
The Enterprise Therapeutics management team has significant expertise in drug discovery, drug development, respiratory biology and ion channel pharmacology. The Company is backed by leading life science investors Epidarex Capital, Forbion, IP Group, Novartis Venture Fund and Versant Ventures. In 2019 the company received funding from the Cystic Fibrosis Foundation to advance TMEM16A through to clinical proof of concept in CF.
About Cystic Fibrosis (CF)
Cystic fibrosis is a progressive, genetic disease that causes persistent lung infections and limits the ability to breathe over time. There are more than 75,000 patients living with the disease worldwide and the average life expectancy of a person living with CF, although improving, is approximately 40 years.
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