By Joshua Kirby
Ipsen said Monday that it has reached an agreement to acquire U.S. oncology drugmaker Epizyme Inc. for a cash consideration of around $247 million.
The French biopharmaceutical company will through a subsidiary offer $1.45 for each outstanding share in Epizyme, along with a contingent value share. Epizyme's board of directors has unanimously approved the transaction and recommended it to shareholders. The company's largest shareholder with around 21% of the total, Royalty Pharma PLC, has also agreed to tender its shares, Ipsen said.
The primary focus of the acquisition is the lead medicine, Tazverik (tazemetostat), a chemotherapy-free EZH2(a) inhibitor, which was granted accelerated approval by the Food and Drug Administration in 2020, Ipsen said.
The acquisition is expected to be moderately dilutive to Ipsen's operating earnings until the end of 2024 given research-and-development costs, Ipsen said.
The transaction is expected to close by the end of the third quarter this year, dependent on regulatory approval, the company said.
Write to Joshua Kirby at email@example.com; @joshualeokirby