Gilead Sciences to Acquire MYR GmbH
One of the largest trade sales of a VC-financed German biotech start-up in the last 20 years - first HTGF unicorn
GILEAD Sciences, Inc. and MYR GmbH announced that the companies have entered into a definitive agreement pursuant to which Gilead will acquire MYR for approximately €1.15 bn in cash, payable upon closing of the transaction plus a potential future milestone payment of up to €0.3 bn million (both payments subject to customary adjustments).
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MYR is the first private German biotech company to successfully take a drug from preclinical development to market. MYR’s lead compound ‘Bulevirtide’, sold under the brand name HepcludexTM, is a first-in-class entry inhibitor for the treatment of the most severe form of viral hepatitis, chronic hepatitis D (HDV). HepcludexTM is the first conditionally approved medication for this indication.
"HDV is a devastating disease with high unmet medical need. With Hepcludex we have the opportunity to address that need with a first-in-class therapy. We look forward to working with the team at MYR to realize the full potential of Hepcludex for HDV patients worldwide. This will build on the work that Gilead has been doing for almost two decades to innovate and improve therapies for viral hepatitis", said Daniel O’Day, Chairman and Chief Executive Officer, Gilead Sciences.
"We are proud of our achievement in bringing Hepcludex from preclinical stage to patients in need within such a short timeframe. We are excited to join Gilead, whose experience in the hepatitis field and global infrastructure will realize the full potential of Hepcludex and provide access to as many patients as possible around the world with this debilitating disease", said Dmitry Popov, Chief Executive Officer, MYR GmbH.
It will be a great success for HTGF, which shows that it is right to invest in the field of life sciences in a very long-term oriented way. Crucial factors for the seed investor’s investment decision are an innovative, protectable technology base, a plausible business model and a team with the knowledge and drive to move the project forward. Dr. Bernd Goergen, Partner with HTGF, who wrote his doctoral thesis on viral hepatitis, had recognized this potential when he became acquainted with the preclinical project in. Since then he has been a partner to MYR on its journey to becoming a fully integrated and commercial biopharmaceutical company.
"After the conditional EMA-approval of Hepcludex in July 2020, today is the second best day for us as MYR’s first external investor and the end of a long and successful journey together with the founder- and management team. Gilead Sciences is the perfect partner to turn the hope of millions of HDV-infected patients for a better live into reality", said Dr. Bernd Goergen, Partner with High-Tech Gründerfonds.
"We are proud to realize the first HTGF unicorn with the sale of MYR. We would like this success to inspire many founders in Germany to build very large companies", said Dr. Alex von Frankenberg, Managing Director of HTGF.
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