Business
Sareum notes acquisition of Sierra Oncology by GSK
Sareum notes acquisition of Sierra Oncology by GSK.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3162I\n Sareum Holdings PLC\n 13 April 2022\n \n \n \n \n SAREUM HOLDINGS PLC\n \n \n (\"Sareum\" or \"the Company\")\n \n \n Sareum notes proposed acquisition of Sierra Oncology by GSK\n \n \n Cambridge, UK, 13 April 2022\n - \n Sareum Holdings plc (AIM: SAR), \n the specialist drug development company, notes that Sierra Oncology, Inc (\"Sierra\"), the licence holder for SRA737 (a novel Chk1 inhibitor), has agreed to be acquired by GlaxoSmithKline plc (\"GSK\") for US$1.9 billion in cash. The transaction is expected to close in the third quarter of 2022 or before. GSK has noted that the key driver of the acquisition was momelotinib, a drug Sierra is developing for the treatment of myelofibrosis, which reported positive topline results in a Phase III study in January 2022.\n \n \n SRA737 was discovered and initially developed by scientists at The Institute of Cancer Research in collaboration with Sareum, and with funding from Sareum and Cancer Research UK. SRA737 was licensed to Sierra in September 2016.\n \n \n During the second half of 2021 and early 2022, Sierra noted it is finalising the design of several potential clinical trials to advance its pipeline candidates, including SRA737, which it said could start in 2022. These trials would investigate SRA737 in combination with other agents in haematologic and solid tumour indications. \n \n \n Under an amended US$299m licensing deal on SRA737 between Sierra and CRT Pioneer Fund LP, Sareum is eligible to receive a 27.5% share of any future milestone payments as well as royalties on any future sales. The dosing of the first patient with SRA737 in any new clinical trial would result in a US$2.0m payment from Sierra, with 27.5% of this due to Sareum.\n \n \n The full announcement made by Sierra can be viewed \n \n here\n \n .\n \n \n For further information, please contact:\n \n \n \n \n \n \n Sareum Holdings plc\n \n \n Tim Mitchell, CEO\n \n \n \n \n \n \n \n \n \n \n 01223 497700\n \n \n \n \n \n \n Strand Hanson Limited (Nominated Adviser)\n \n \n James Dance / James Bellman\n \n \n \n \n \n \n \n \n \n \n 020 7409 3494\n \n \n \n \n \n \n Peel Hunt LLP (Joint Corporate Broker)\n \n \n James Steel \n \n \n \n \n \n \n \n \n \n \n 020 7418 8900\n \n \n \n \n \n \n Hybridan LLP (Joint Corporate Broker)\n \n \n Cl...