GENFIT acquires Swiss biotech Versantis for up to CHF105 million

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19.09.2022
GENFIT Building

GENFIT, a late-stage biopharmaceutical company focussed on severe chronic liver diseases, has entered into an exclusivity agreement with a view to acquire all the share capital and voting rights of Versantis, a private Swiss-based clinical stage biotechnology company focused on addressing the growing unmet medical needs in liver diseases. 

The acquisition of Versantis fits perfectly within GENFIT’s strategic vision of becoming a global leader in ACLF (acute-on-chronic liver failure). As a pioneer in ACLF, Versantis has acquired a unique expertise, developing clinical-stage technology and assets aiming to improve ACLF patients’ outcomes. Its main asset, VS-01, is in clinical development. If approved, it would be the first drug to use the intraperitoneal route to simultaneously support the liver, kidney and brain, the organs that most often fail in cirrhotic patients. A planned 60-patient, randomized and controlled Phase 2 Proof-of-concept trial of VS-01 in ACLF is expected to launch in the fourth quarter 2022.  

Versantis’ VS-02 is a pre-clinical oral, small molecule drug candidate being developed for the chronic management of HE (hepatic encephalopathy), considered an endemic disease worldwide. HE is a nervous system disorder brought on by advanced chronic liver disease. GENFIT will also be able to develop TS-01, a unique point-of-care diagnostic device in prototype development for the at-home measurement of ammonia in the blood, the primary cause of HE.

CHF40 million due at closing
The deal includes an initial consideration of CHF40 million due at closing, with contingent consideration of up to CHF65 million upon positive Phase 2 results for VS-01 and VS-02 and regulatory approval of VS-01. In addition, Versantis is eligible to receive 1/3 of the net proceeds resulting from the potential sale of the Pediatric Review Voucher of VS-01’s pediatric application by GENFIT to a third party, or 1/3 of the fair market value of this Voucher if GENFIT opts to apply it to one of its own programs. GENFIT will finance the base acquisition consideration from its current cash and cash equivalents. The deal should be completed during the fourth quarter 2022, following completion of the consultation of GENFIT’s employees representative bodies.

GENFIT, fouded in 1999 in northern France, has facilities in Lille and Paris, France, and Cambridge, MA, USA. GENFIT is a publicly traded company listed on the Nasdaq Global Select Market and on compartment B of Euronext’s regulated market in Paris. On Friday, 16 September the company was valued at EUR 200 million.

GENFIT’s R&D is focused on three franchises: cholestatic diseases, Acute on Chronic Liver Failure (ACLF) and NASH diagnostics. In its cholestatic diseases franchise, ELATIVE, a Phase 3 global trial evaluating elafibranor in patients with Primary Biliary Cholangitis (PBC) is well underway following a successful Phase 2 clinical trial. Topline data is expected to be announced in the second quarter 2023. In 2021, GENFIT signed an exclusive licensing agreement with IPSEN to develop, manufacture and commercialize elafibranor in PBC and other indications. GENFIT is also developing GNS561 in cholangiocarcinoma following the acquisition of exclusive rights in this indication from Genoscience Pharma in 2021. In ACLF, a Phase 1 clinical program with nitazoxanide has been initiated in 2021. As part of its diagnostic solutions franchise, the Company entered into an agreement with Labcorp in 2021 to commercialize NASHnext, powered by GENFIT’s proprietary diagnostic technology NIS4 in identifying at-risk NASH.

(Press release / SK)

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