French pharmaceutical company Ipsen has agreed to acquire Switzerland-based Memo Therapeutics and its lead rare disease candidate potravitug in a transaction that includes an upfront payment of €200 million ($227 million) and potential milestone payments that could bring the total value of the deal to more than €700 million ($796 million).
The acquisition is expected to close during the third quarter of this year. Under the agreement, Memo shareholders will receive the upfront payment upon closing, while additional development, regulatory, and sales-related milestones may be paid in the future.
The centerpiece of the transaction is potravitug, a Phase 2 monoclonal antibody being developed to target BK polyomavirus (BKPyV). The virus can lead to BKPyV-associated nephropathy (BKPyVAN), a serious complication in kidney transplant recipients that may result in graft loss and transplant failure. According to the information provided, there are currently no approved therapies specifically for BKPyVAN, with treatment generally focused on clinical management and reducing immunosuppression.
Memo reported results from its Phase 2 SAFE KIDNEY II study showing that potravitug reduced the incidence of BKPyVAN and demonstrated a sustained antiviral effect. Additional data presented at the European Renal Association Congress last month showed a sustained reduction in viral load and resolution of biopsy-proven BKPyV-associated nephropathy. Ipsen stated that the overall body of evidence from the study supports the planned initiation of a pivotal Phase 2/3 trial later this year.
Potravitug previously received Fast Track designation from the FDA in 2023 for BKPyV-associated nephropathy and has also been granted Orphan Drug status in Europe.
Commenting on the acquisition, Ipsen Head of Research and Development Christelle Huguet said, “With potravitug, we have the opportunity to add a promising first-in-class asset to our rare disease pipeline and address the significant clinical consequences of BK virus–associated nephropathy in kidney transplant recipients, where current standards of care can compromise transplant success and graft outcomes.”
The transaction marks Ipsen’s second acquisition announced this week. Earlier, the company disclosed plans to acquire Kartos Therapeutics in a deal featuring a $450 million upfront payment and up to $1.3 billion in additional milestone payments. Through that transaction, Ipsen gained access to a late-stage MDM2 blocker being developed for a rare blood cancer and proposed for use alongside ruxolitinib in myelofibrosis.
Following the Memo acquisition, the Swiss biotechnology company’s remaining assets and employees not involved with potravitug will be transferred to a newly established company, Memorises Bio. The new organization will continue to be owned by Memo’s shareholders.
Memo has also been developing technologies beyond potravitug, including its Dropzylla antibody discovery platform and recombinant polyclonal immunoglobulin technology. Earlier this year, the company entered into a collaboration agreement with CSL valued at up to $328 million related to that technology.
Memo Chief Executive Officer Erik van den Berg said the company was pleased that Ipsen would advance the development of potravitug and highlighted Ipsen’s experience in rare diseases as an important factor in bringing the treatment candidate forward.
Founded more than a decade ago, Memo Therapeutics is backed by investors including Ysios Capital, Kurma Partners, Pureos Bioventures, Swisscanto, Vesalius Biocapital, and Adjuvant Capital. Van den Berg previously led AM Pharma and held a top spot at Organon.
Ipsen has announced an agreement to acquire Memo and its lead investigational therapy, Potravitug, a Phase 2 monoclonal antibody being developed to treat BK polyomavirus (BKPyV) infection. Valued at up to €700 million, the transaction reflects Ipsen’s strategy of strengthening its innovation pipeline through targeted acquisitions and expanding its presence in specialty medicines.
The acquisition gives Ipsen access to a promising late-stage asset that addresses a significant unmet need among kidney transplant recipients and other immunocompromised patients who are vulnerable to BKPyV infections.
Ipsen Expands Its Infectious Disease Pipeline
With the addition of Potravitug, Ipsen broadens its portfolio of innovative biologic therapies. BKPyV infection is a major concern for transplant patients because it can damage transplanted kidneys and lead to graft failure, while current treatment options remain limited.
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