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PTC Therapeutics To Buy Agilis Biotherapeutics


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(RTTNews.com) - PTC Therapeutics, Inc. ( PTCT ) said that it agreed to acquire Agilis Biotherapeutics, Inc., a biotechnology company advancing an innovative gene therapy platform for rare monogenic diseases that affect the central nervous system or CNS. The transaction was approved by the Boards of both companies.

The transaction is expected to close in the third quarter of 2018, pending successful fulfillment of all customary closing conditions.

Under the terms of the merger agreement, PTC will pay an upfront consideration of $50 million in cash and approximately $150 million in PTC common stock, subject to an estimated maximum 9.34 million share limit (with any shortfall to be made whole with additional cash consideration).

In addition to the upfront payments, potential future consideration includes $60 million in development milestones to be paid over the next two years which includes the acceptance of a BLA. Additionally, the transaction includes up to $535 million in success-based milestones in connection with regulatory approvals on the three most advanced programs and receipt of a priority review voucher, as well as tiered commercial milestones of $150 million, and 2-6 % of annual net sales for Friedreich ataxia and Angelman syndrome.


Read the original article on RTTNews (http://www.rttnews.com/2915828/ptc-therapeutics-to-buy-agilis-biotherapeutics.aspx)


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This article appears in: World Markets , Stocks
Referenced Symbols: PTCT



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