Merck buys Afferent Pharmaceuticals for $500m

Pharmaceutical company Merck has bought Afferent Pharmaceuticals in a deal worth $500 million.

California-based Afferent focusses on the development of therapeutic candidates for the treatment of neurogenic conditions.

Under the terms of the agreement, Merck, through its subsidiary, which has not been named, will pay Afferent $500 million up front.

Afferent’s is currently developing, AF-219, an orally-administered P2X3 antagonist currently in a phase 2b clinical trial for the treatment of refractory, chronic cough and idiopathic pulmonary fibrosis.

Afferent will be eligible to receive an additional $750 million dependent on the achieving certain commercial milestones, including the development of AF-219.

Roger Perlmutter, president, Merck research laboratories, said: “Afferent has pioneered the clinical development of novel investigational candidates selectively targeting the P2X3 receptor, an exciting area of research.”

Kathleen Sereda Glaub, chief executive at Afferent, added: “We are very pleased to enter into this agreement given Merck’s reputation for maximising opportunities around novel mechanisms.”