After Pfizer, Now Novo Nordisk Beefs Up Its Sickle Cell Portfolio With Forma Therapeutics Deal

Author: Vandana Singh | September 01, 2022 09:55am

• Novo Nordisk A/S (NYSE:NVO) has agreed to acquire Forma Therapeutics Holdings Inc (NASDAQ:FMTX) for $20 per share in cash, representing a total equity value of $1.1 billion. 
• The deal value offers a premium of 92% to Forma Therapeutics' volume-weighted average price per share over the past 30 days.
• Forma Therapeutics is a clinical-stage biopharmaceutical company focused on treating sickle cell disease (SCD) and rare blood disorders.
• The acquisition of Forma Therapeutics, including its lead development candidate, etavopivat, is aligned with Novo Nordisk's strategy to complement and accelerate its scientific presence and pipeline in hemoglobinopathies.
• Last month, Pfizer Inc (NYSE:PFE) acquired Global Blood Therapeutics Inc (NASDAQ:GBT), a sickle cell player, for $68.50 per share in cash, for a total enterprise value of approximately $5.4 billion.
• Forma Therapeutics' Etavopivat is an investigational oral, once-daily, selective pyruvate kinase-R (PKR) activator developed for SCD.
• Etavopivat is currently being evaluated in a global phase 2/3 clinical trial (Hibiscus) in patients with SCD and a phase 2 trial (Gladiolus) in patients with transfusion-dependent SCD and thalassemia.
• The transaction is expected to close in the fourth quarter of 2022.
• Price Action: FMTX shares are up 47.8% at $19.80 on the last check Thursday.

Posted In: FMTX GBT NVO PFE