Pfizer to Acquire Soleno therapeutics for $1.2 Billion, Bolstering Neurological Disease Pipeline
BOSTON – Pfizer announced today it will acquire Soleno Therapeutics, a biopharmaceutical company focused on developing therapies for rare neurological disorders, in an all-cash transaction valued at $1.2 billion, or $14.50 per share. The deal, expected to close in the first quarter of 2024, considerably expands Pfizer’s pipeline in the often-overlooked field of central nervous system (CNS) diseases and provides access to Soleno’s lead investigational drug, dimebon, for the treatment of Duchenne muscular dystrophy (DMD).
The acquisition arrives as pharmaceutical companies increasingly target rare diseases with substantial unmet medical needs, offering both scientific challenges and potentially high returns. Dimebon, a novel, orally available small molecule, aims to restore dystrophin expression – a protein crucial for muscle function – in DMD patients irrespective of their genetic mutation. Currently, treatment options for DMD are limited and primarily focus on managing symptoms. This deal underscores pfizer’s commitment to innovation in neurological conditions, building upon existing programs and potentially offering a disease-modifying therapy for a devastating condition affecting thousands of children and young adults globally.
Soleno’s dimebon is currently in a Phase 3 clinical trial, known as the DESTINY trial, evaluating its efficacy in ambulatory DMD patients.Topline data from DESTINY are anticipated in the first half of 2024. Pfizer anticipates that, if approved, dimebon coudl address a notable unmet need for patients with DMD, regardless of their genetic mutation.
“We are excited to welcome the talented team at soleno to Pfizer and to advance dimebon’s development for Duchenne muscular dystrophy,” said Chris Boshoff, Pfizer’s Chief Development Officer, oncology and Rare Disease. “This potential acquisition aligns with our strategic focus on expanding our pipeline in areas with significant unmet medical need, and we believe dimebon has the potential to provide a meaningful new treatment option for patients with DMD.”
The transaction is subject to customary closing conditions, including regulatory approvals and the completion of the DESTINY trial. Metsera,a subsidiary of enGene,is providing manufacturing support for dimebon. Further details of the agreement can be found in Pfizer’s investor relations release and the Readout Newsletter.
