Bioverativ Therapeutics has reached an agreement to acquire clinical-stage biotechnology company True North Therapeutics.

Based in the US, the target company is focused on developing treatments for rare diseases.

The purchase consideration for the acquisition is fixed at $825m, which includes an upfront payment of $400m and the remaining contingent on the achievement of certain milestones related to development, regulatory and sales.

True North’s drug candidate TNT009 aims to treat a rare blood disorder known as CAD and will strengthen Boverativ’s portfolio as a result of the acquisition.

"Irish biopharmaceutical company Horizon Pharma has reached an agreement to sell one of its European subsidiaries to Chiesi Farmaceutici, a pharmaceutical company based in Italy."

Also based in the US, Bioverativ is a biopharmaceutical company focused on developing therapies for haemophilia and other rare blood disorders.

Irish biopharmaceutical company Horizon Pharma has reached an agreement to sell one of its European subsidiaries to Chiesi Farmaceutici, a pharmaceutical company based in Italy.

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The subsidiary owns the marketing rights to PROCYSBI delayed-release capsules and QUINSAIR, a levofloxacin inhalation solution, in Europe, the Middle East and Africa (EMEA).

Chiesi Farmaceutici believes the transaction will help further strengthen its rare disease offering in the EMEA regions.

The purchase consideration for the transaction includes $70m in upfront payment and additional potential payments based on the achievement of sales-based milestones.