-Pierre Fabre Laboratories Acquires Vertical Bio and Its Innovative Targeted Therapy Candidate for Patients Suffering from MET-Disrupted Non-Small Cell Lung Cancer
CASTRES, France and BASEL, Switzerland, September 12, 2023 /PRNewswire/ -- Pierre Fabre Laboratories, the French pharmaceutical and dermocosmetics company announced the acquisition of Vertical Bio AG, developer of new cancer therapies. This first acquisition of a biotechnology company allows Pierre Fabre Laboratories to add VERT-002 to its portfolio of oncology discoveries. VERT-002 is a monoclonal antibody with a novel and differentiated mechanism of action, which acts as a c-MET degrader. This target is a known driver of disease in patients suffering from non-small cell lung cancer (NSCLC) with MET mutations or amplification. Terms of the deal were not disclosed.
Vertical Bio was founded by Versant Ventures and launched from the Basel, Switzerland-based company's Ridgeline Discovery Engine. Leveraging Ridgeline's biologics capabilities, Vertical Bio advanced VERT-002 through preclinical studies and toward an IND filing. The first human studies are expected to begin in 2024.
This acquisition allows Pierre Fabre Laboratories to further strengthen its R&D portfolio in precision oncology with a product about to enter clinical development. In line with its innovation strategy, the Group has made oncology its top priority in healthcare and dedicates around 80% of its R&D spending to this therapeutic area each year. In 2022, the Oncology Franchise reached revenues of 467 million euros, a strong increase of 221% compared to 2019 revenues.
Pierre Fabre Laboratories has a long history in the treatment of lung cancer, dating back to the 90s with the launch of its first chemotherapy. Earlier this year, a collaboration agreement was signed with Scorpion Therapeutics to co-develop and commercialize two candidates for patients with EGFR-mutated NSCLC. And through its long-standing partnership with Pfizer, the company hopes to soon realize the full potential of a promising clinical development program in NSCLC.
"We are excited about the acquisition of this biotechnology company and the addition of VERT-002 to strengthen our lung cancer research and development portfolio. This acquisition is another testament to our commitment to investing in the discovery and development of innovative treatments in precision oncology" said Eric Ducournau, CEO of Pierre Fabre Laboratories.
"We are proud of the rapid progress Vertical Bio has made in the development of its lead antibody, which represents a potential new option for patients with difficult-to-treat forms of lung cancer," said Alex Mayweg, Ph.D., president of Vertical Bio. and CEO of Versant. "Pierre Fabre Laboratories is an ideal partner to bring VERT-002 to the clinic and we look forward to the continued progress of this differentiated molecule."
About VERT-002
VERT-002, an antibody targeting c-MET leading to its degradation, with potential as a best-in-class therapeutic option for patients with MET alterations, including resistance settings.
VERT-002 is currently completing IND-enabling studies and Vertical Bio hopes to begin first-in-human studies in 2024.
About Pierre Fabre Laboratories
Pierre Fabre Laboratories is a leading French medical and beauty care company with more than 4 decades of experience in innovation, development, manufacturing and marketing in oncology. The company dedicated around 80% of its R&D spend to oncology in 2022 and has declared targeted therapies as its top R&D priority. Its current commercial portfolio in oncology covers colorectal, breast and lung cancer, melanoma, hematology and precancerous skin conditions such as actinic keratosis.
In 2022, Pierre Fabre Laboratories reported revenue of €2.7 billion, 69% of which came from international sales in 120 countries. Established in the south-west of France since its creation in 1962, the group manufactures more than 90% of its products in France and employs around 9,600 people worldwide. The company is 86% owned by the Pierre Fabre Foundation, a government-recognized public interest foundation, and secondarily owned by its own employees through an international employee share ownership plan. The sustainability policy of Pierre Fabre Laboratories has been evaluated by the independent certification body AFNOR with the "Exemplary" level of its CSR label (ISO 26,000 standard for sustainable development).
More information about Pierre Fabre Laboratories can be found at www.pierre-fabre.com, @PierreFabre.
About Vertical Bio
Vertical Bio is a biotechnology company developing a new antibody to treat certain forms of cancer. The company was founded by Versant Ventures and launched from the Basel, Switzerland-based company's Ridgeline Discovery Engine.
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MEDIA CONTACTS:
Pierre Fabre Laboratories: Laure Sgandurralaure.sgandurra@pierre-fabre.com
Vertical Bio: Steve Edelsonsedelson@versantventures.com
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