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GSK reaches agreement to acquire late-stage biopharmaceutical company Sierra Oncology for $1.9 billion.
GlaxoSmithKline (GSK) and Sierra Oncology, a late-stage biopharmaceutical company focused on treatments of rare forms of cancer, announced on April 13, 2022 that they have entered into an agreement under which GSK will acquire Sierra Oncology. The acquisition is valued at $1.9 billion at $55 per share of common stock in cash.
A main asset of Sierra Oncology is its treatment momelotinib, which has a differentiated mode of action with inhibitory activity along key signaling pathways. The treatment has the potential to address the critical unmet medical needs of myelofibrosis patients with anemia. GSK’s acquisition of the treatment will complement its existing expertise in hematology and support the development of a strong portfolio of new specialty medicines and vaccines.
Myelofibrosis is a fatal cancer of the bone marrow that impacts the normal production of blood cells. According to the press release, it is estimated that nearly all myelofibrosis patients will develop anemia, which limits existing treatment options, leading to poor prognosis and decreased overall survival.
“Sierra Oncology complements our commercial and medical expertise in hematology,” said Luke Miels, chief commercial officer of GSK. “Momelotinib offers a differentiated treatment option that could address the significant unmet medical needs of myelofibrosis patients with anemia, the major reason patients discontinue treatment. With this proposed acquisition, we have the opportunity to potentially bring meaningful new benefits to patients and further strengthen our portfolio of specialty medicines.”