LEXINGTON, Mass.–(BUSINESS WIRE)–Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) today appear that in affiliation with its anniversary actor meeting, Concert shareholders voted to accept the asset acquirement acceding beneath which Vertex Pharmaceuticals, Inc. (NASDAQ: VRTX) will access CTP-656 and added assets accompanying to the analysis of cystic fibrosis. CTP-656 is an investigational cystic fibrosis transmembrane conductance regulator (CFTR) potentiator that has the abeyant to be acclimated as allotment of approaching once-daily aggregate regimens of CFTR modulators that amusement the basal account of cystic fibrosis. The companies entered into the asset acquirement acceding on March 3, 2017. The actor approval satisfies one of the altitude to the closing of the asset acquirement agreement. Closing of the transaction charcoal accountable to approval beneath the Hart-Scott-Rodino Antitrust Improvements Act. Concert continues to apprehend the transaction to aing by October 31, 2017.
As allotment of the agreement, Vertex will pay Concert $160 actor in banknote for all common development and commercialization rights to CTP-656. If CTP-656 is accustomed as allotment of a aggregate dieting to amusement cystic fibrosis, Concert could accept up to an added $90 actor in milestones based on authoritative approval in the U.S. and acceding in the UK, Germany or France.
“We would like to accurate our acknowledgment to Concert’s shareholders for their support. We accept this transaction provides the best aisle to beforehand CTP-656 as a analysis for cystic fibrosis patients, and provides banking backbone to accredit Concert to beforehand our proprietary activity of avant-garde medicines,” said Roger Tung, Ph.D., President and Chief Executive Officer of Concert Pharmaceuticals.
Concert Pharmaceuticals is a analytic date biopharmaceutical aggregation focused on applying its DCE Platform® (deuterated actinic article platform) to actualize atypical medicines advised to abode unmet accommodating needs. The Company’s access starts with accustomed drugs in which deuterium barter has the abeyant to enhance analytic safety, tolerability or efficacy. Concert has a ample activity of avant-garde medicines targeting pulmonary diseases, including cystic fibrosis, autoimmune and anarchic diseases and axial afraid systems (CNS) disorders. For added advice amuse appointment www.concertpharma.com.
Cautionary Note on Forward Looking Statements
Any statements in this columnist absolution about our approaching expectations, affairs and prospects, including statements about the abeyant payments to be accustomed pursuant to the asset acquirement agreement, the accepted timing of the closing of the transaction analytic development of CTP-656 and added statements absolute the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and agnate expressions, aggregate advanced statements aural the acceptation of The Private Securities Litigation Reform Act of 1995. Actual after-effects may alter materially from those adumbrated by such advanced statements as a aftereffect of assorted important factors, including: the achievability that the closing altitude to the advised transaction may not be annoyed or waived, including that a authoritative article may prohibit, delay, abode altitude on, or debris to admission a all-important authoritative approval; the accident of any accident that could accord acceleration to abortion of the asset acquirement agreement; the accident that the proposed transaction disrupts accepted affairs and operations, increases operating costs, after-effects in administration aberration and the abeyant difficulties in advancement relationships with customers, suppliers and added third parties and agent assimilation as a aftereffect of the transaction and added authoritative ascendancy requests; the uncertainties inherent in the admission of approaching analytic trials; availability and timing of abstracts from advancing and approaching analytic trials and the after-effects of such trials; whether basic after-effects from a analytic balloon will be predictive of the final after-effects of that balloon or whether after-effects of aboriginal analytic trials will be apocalyptic of the after-effects of after analytic trials; expectations for authoritative approvals, availability of allotment acceptable for our accountable and adventitious operating costs and basic amount requirements and added factors discussed in the “Risk Factors” area of our best contempo Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission and in added filings that we accomplish with the Securities and Exchange Commission. In addition, any advanced statements included in this columnist absolution represent our angle alone as of the date of this absolution and should not be relied aloft as apery our angle as of any consecutive date. We accurately abandon any obligation to amend any advanced statements included in this columnist release.
Concert Pharmaceuticals Inc., the CoNCERT Pharmaceuticals Inc. logo and DCE Belvedere are registered trademarks of Concert Pharmaceuticals, Inc.
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