Not Resting on Hemophilia Biz, Bioverativ Pays $400M For True North
Summary
The company has acquired True North Therapeutics, a privately held South San Francisco, CA, biotech, as part of a plan to forge an identity around rare blood diseases, not the core hemophilia business it was built on.CAD is a rare condition in which cold temperatures trigger an antibody attack on the body’s own red blood cells, often leading to severe anemia.For Bioverativ, which formally separated from Biogen (NASDAQ: BIIB) in February, the deal is the first move it’s made to supplement a pipeline that, up until now, has been heavily dependent on two hemophilia products, Eloctate and Alprolix.Bioverativ, however, spun out of Biogen with cash for deals—it had $358 million in cash at the end of March and, at the time, no debt—and has been zeroing in on rare blood disorders, building off of an existing partnership with Sangamo Biosciences (NASDAQ: SGMO) on potential treatments for sickle cell disease and beta-thalassemia.CEO John Cox said in a statement that the acquisition bolsters the company’s plan to “become the leading rare disease company focused on blood disorders.” The deal also marks a second payoff for the backers of True North, which include OrbiMed Advisors, Kleiner Perkins Caulfield & Byers, MPM Capital, SR One, and Baxter Ventures.
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