South Plainfield-based PTC Therapeutics Inc. announced Thursday it has agreed to acquire Agilis Biotherapeutics Inc., a biotechnology company.
Under terms of the deal, PTC will pay $50 million in cash and approximately $150 million in PTC common stock.
The transaction was approved by both companies’ boards.
“The addition of the gene therapy platform transforms PTC and aligns with our vision of being a leader in the treatment of rare disorders,” said Stuart W. Peltz, CEO, PTC Therapeutics. “We are impressed with the clinical results shown by the AADC program and are excited with the potential to quickly bring this therapy to patients.”
“I am proud of the accomplishments achieved by Agilis culminating with this value-creating transaction,” said Mark Pykett, CEO and president of Agilis Biotherapeutics, Inc. “PTC provides a global infrastructure and proven capabilities, which we believe will enable our goal of providing therapy to patients suffering from rare CNS disorders. I look forward to joining PTC and supporting the advancement of the programs to provide value to patients.”
In addition to the initial payment, potential future consideration includes $60 million in development milestones to be paid over the next two years.
The deal is expected to close in the third quarter of 2018. Once completed, PTC said it plans a smooth operational and employee transition.