Vertex buys Concert's CF candidate CTP-656 for up to $250M

|About: Concert Pharmaceutical... (CNCE)|By:, SA News Editor

Vertex Pharmaceuticals (NASDAQ:VRTX) acquires Concert Pharmaceuticals' (NASDAQ:CNCE) Orphan Drug-tagged CTP-656, a deuterium-modified version of CF med ivacaftor (Kalydeco).

Under the terms of the deal, Vertex will pay $160M in cash for all global development and commercialization rights to CTP-656 and up to an additional $90M in milestones based on U.S. approval and the establishment of reimbursement in the UK, Germany or France.

Concert will host a conference call this morning at 8:30 am ET to discuss the transaction.

Previously: Concert Pharma's CTP-656 an Orphan Drug for cystic fibrosis; shares up 8% premarket (Jan. 20)

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