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GSK agrees to acquire Sierra Oncology for $1.9bn
GSK agrees to acquire Sierra Oncology for $1.9bn.
About this update from Gsk Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2407I\n GlaxoSmithKline PLC\n 13 April 2022\n \n \n \n \n Issued: 13 April 2022, London UK\n \n \n \n \n \n GSK reaches agreement to acquire late-stage biopharmaceutical company Sierra Oncology for $1.9bn\n \n \n \n \n \n · \n Sierra Oncology's differentiated momelotinib has the potential to address the critical unmet medical needs of myelofibrosis patients with anaemia\n \n \n · \n Momelotinib complements GSK's existing expertise in haematology, with Sierra Oncology anticipating US regulatory submission in Q2 this year and EU submission in the second half of 2022\n \n \n · \n Sales contribution expected to start in 2023 with significant growth potential thereafter\n \n \n · \n Supports development of strong portfolio of new specialty medicines and vaccines\n \n \n \n \n \n \n \n \n GlaxoSmithKline plc (LSE/NYSE: GSK) and Sierra Oncology, Inc (Nasdaq: SRRA) today announced that the companies have entered into an agreement under which GSK will acquire Sierra Oncology, a California-based, late-stage biopharmaceutical company focused on targeted therapies for the treatment of rare forms of cancer, for $55 per share of common stock in cash representing an approximate total equity value of $1.9 billion (£1.5 billion).\n \n \n \n \n \n Myelofibrosis is a fatal cancer of the bone marrow impacting the normal production of blood cells. \n Anaemia represents a high unmet medical need in patients with myelofibrosis. At diagnosis, approximately 40% of patients are already anaemic, and it is estimated that nearly all patients will eventually develop anaemia.[1],[2] Patients treated with the most commonly used JAK inhibitor will often require transfusions, and more than 30% will discontinue treatment due to anaemia.[3] Anaemia and transfusion dependence are strongly correlated with poor prognosis and decreased overall survival.[4]\n \n \n \n \n \n Momelotinib has\n a differentiated mode of action with \n inhibitory activity along key signalling pathways.\n This activity may lead to beneficial treatment effects on anaemia and reduce the need for transfusions while also treating symptoms. \n In January 2022, Sierra Oncology announced positive topline results from the MOMENTUM phase III trial. The study met all its primary and key secondary endpoints, demonstrating that mome...