Jazz Pharmaceuticals plc (Nasdaq: JAZZ) (“Jazz” or the “Company”) today announced the successful completion of its acquisition of privately-held Actio Biosciences, Inc. (“Actio”) for $820 million upfront. Actio is now a wholly-owned subsidiary of Jazz.
“ABS-1230 holds the promise of being a transformative, first-in-class therapy for individuals living with KCNT1-related epilepsy,” said Renee Gala, president and chief executive officer of Jazz Pharmaceuticals. “By completing the acquisition of Actio Biosciences, we are combining their cutting-edge precision biology with Jazz’s proven global development capabilities. We look forward to partnering with advocates, clinicians, and regulators to move with urgency, rapidly advance this vital treatment, and further diversify our rare disease pipeline.”
ABS-1230 is designed to be a potent and selective orally available small molecule KCNT1 inhibitor for the treatment of KCNT1-related epilepsy. In preclinical studies, ABS-1230 inhibited KCNT1 across all evaluable pathogenic mutations, indicating potential to treat all patients with KCNT1-related epilepsy. In an early clinical proof-of-concept trial, children with KCNT1-related epilepsy who received ABS-1230 experienced meaningful seizure reductions. ABS-1230 has the potential to provide patients with the convenience of an oral therapy. ABS-1230 has received Fast Track, Rare Pediatric Disease and Orphan Drug Product designations from the U.S. Food and Drug Administration and has been accepted into the agency’s Rare Disease Evidence Principles process.
Transaction Details
Jazz completed the acquisition of Actio Biosciences through the merger of Knight Acquisition Corp. (the “Merger Sub”), a Delaware corporation, an indirect wholly-owned subsidiary of Jazz, with and into Actio (the “Merger”). As a result of the Merger, the separate existence of the Merger Sub ceased, and Actio will continue as the surviving corporation and an indirect wholly-owned subsidiary of Jazz. As part of the transaction, Actio spun out a new privately-held entity to which certain non-ABS-1230 programs of Actio were transferred. The new, independent private company is funded by existing investors, with Jazz receiving a minority stake and certain related rights.
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