GENFIT announced Monday that it plans to acquire Versantis in a move to expand its liver disease portfolio.
The transaction constitutes a payment of 40 million Swiss Franc, an aggregate of 65 million Swiss Franc of potential additional payments contingent on successful clinical and regulatory milestones, as well as “one-third of the net proceeds from the potential sale of a Priority Review Voucher,” if awarded by the Food and Drug Administration.
Versantis is a private Swiss-based clinical stage biotechnology company focused on treating the unmet needs of liver disease patients with its suite of product candidates. Its main asset is VS-01, a liposomal-based therapeutic product candidate that is currently in clinical trials for a potential therapy for acute-on-chronic liver failure and urea cycle disorder.
The company said a planned randomized and controlled Phase 2 Proof-of-concept trial for VS-01 in ACLF is expected to launch in Q4 2022, with efficacy and safety interim data expected as early as the H1 2024.
The late-stage biopharmaceutical company expects the deal to close in Q4 2022.
“Versantis has an exciting portfolio that is complementary to GENFIT’s. We are also thrilled to welcome a talented team that has developed a strong scientific expertise in ACLF,” GENFIT CEO Pascal Prigent said in a statement. “We believe that significant synergies exist and that this acquisition will accelerate the development of several promising drug candidates in areas of high unmet needs.”