GSK to buy Sierra Oncology for $1.9bn
GlaxoSmithKline (GSK) has agreed to acquire California-based biopharma company Sierra Oncology for $1.9 billion, in a move that bolsters the UK company’s cancer business.
The acquisition gives GSK access to momelotinib, an experimental treatment for myelofibrosis (a fatal cancer of the bone marrow). In January this year, Sierra Oncology announced positive topline results from its late-stage clinical testing.
The California-company anticipates a US regulatory submission in the second quarter of this year and an EU submission in the second half of 2022.
Back in August 2018, Sierra Oncology acquired momelotinib from Gilead Sciences for $198 million.
Luke Miels, chief commercial officer at GSK, said: “Sierra Oncology complements our commercial and medical expertise in haematology. Momelotinib offers a differentiated treatment option that could address the significant unmet medical needs of myelofibrosis patients with anaemia, 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.”
Momelotinib adds to GSK’s pipeline of haematology drugs, a pipeline which includes Blenrep (belantamab mafodotin).
If the transaction is completed and momelotinib is approved by regulatory authorities, GSK expects momelotinib will contribute to its specialty medicines business. Sales are expected to begin in 2023, with significant growth potential and a positive benefit to the group’s adjusted operating margin in the medium term, according to GSK.
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