Biogen offshoot to acquire rare disease biotech for $400M: 4 things to know

Waltham, Mass.-based Bioverativ will purchase True North Therapeutics, a San Francisco-based biotech, for $400 million, reports Boston Globe.

Here are four things to know.

  1. Bioverativ will also pay up to $425 million in milestone payments pending regulatory approval of True North's experimental treatments and other sales targets, according to the report.

  1. True North, which develops treatments for rare diseases, will keep its San Francisco headquarters and maintain most of its 19 employees after the acquisition, reports Boston Globe.

  1. True North's main experimental drug aims to treat one form of a rare, potentially life-threatening blood disorder called chronic autoimmune hemolytic anemia. The Food and Drug Administration in May granted the drug a breakthrough therapy designation to accelerate its development and regulatory review, according to the report.

  1. Bioverativ formerly operated as Biogen's hemophilia drug unit. Biogen divested the business in February to place more focus on its main neurological drug business, according to the report.

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