TIDMGSK
RNS Number : 0769R
GSK PLC
01 July 2022
Issued: 1 July 2022, London UK
GSK completes acquisition of Sierra Oncology
GSK plc (LSE/NYSE: GSK) today announced it has completed the
acquisition of Sierra Oncology, Inc. (Sierra Oncology), a
California-based biopharmaceutical company focused on targeted
therapies for the treatment of rare forms of cancer. The
acquisition was approved by Sierra Oncology's shareholders on 29
June 2022.
As previously announced , the acquisition of Sierra Oncology
includes momelotinib, a late-stage potential new medicine with a
unique dual mechanism of action that may address the critical unmet
medical needs of myelofibrosis patients with anaemia. In addition,
momelotinib complements GSK's Blenrep (belantamab mafodotin); the
acquisition builds on the company's expertise in haematology and
aligns with GSK's strategy of building a strong portfolio of
specialty medicines and vaccines. If approved, momelotinib will
contribute to GSK's growing specialty medicines business, with a US
launch anticipated in 2023.
Luke Miels, Chief Commercial Officer, GSK, said: "This
acquisition expands our innovative oncology portfolio,
demonstrating our commitment to improving patient outcomes and
creating value for shareholders. We now have a late-stage
differentiated molecule in momelotinib, which could potentially
address a significant unmet need in myelofibrosis patients with
anaemia. Our focus is now on execution."
In June 2022, Sierra Oncology presented the complete data from
the MOMENTUM phase III trial at the 2022 American Society of
Clinical Oncology (ASCO) Annual Meeting. The trial met all its
primary and key secondary endpoints, demonstrating that momelotinib
achieved a statistically significant and clinically meaningful
benefit on symptoms, splenic response, and anaemia. Sierra Oncology
submitted a New Drug Application to the US Food and Drug
Administration in June, and GSK anticipates a regulatory submission
in Europe in the second half of 2022.
Financial considerations
Upon completion of the acquisition, GSK acquired all outstanding
shares of Sierra Oncology for $55 per share in cash, representing
an approximate total equity value of $1.9 billion (GBP1.6 billion
at current exchange rates). The per-share price represented a
premium of approximately 39 per cent to Sierra Oncology's closing
stock price on 12 April 2022 and approximately 63 per cent to
Sierra's volume-weighted average price (VWAP) over the last 30
trading days.
About myelofibrosis
Myelofibrosis is a rare blood cancer that results from
dysregulated JAK-STAT signalling and is characterised by
constitutional symptoms, splenomegaly (enlarged spleen) and
progressive anaemia. From prior studies with momelotinib, we know
approximately half of myelofibrosis patients are moderately to
severely anaemic when eligible for JAK inhibitor treatment.
Furthermore, currently approved JAK inhibitors only address
symptoms and splenomegaly and are myelosuppressive. This can lead
to worsening anaemia, resulting in dose reductions that potentially
reduce treatment effect.
Myelofibrosis affects approximately 20,000 patients in the US,
with approximately 40% of patients already anaemic at time of
diagnosis and nearly all patients estimated to eventually develop
anaemia.[1](,[2]) Patients treated with the most commonly used JAK
inhibitor will often require transfusions, and more than 30% will
discontinue treatment due to anaemia.[3] Anaemia and transfusion
dependence are strongly correlated with poor prognosis and
shortened survival.[4]
About momelotinib
Momelotinib has a differentiated mode of action with inhibitory
ability along three key signalling pathways: activin A receptor,
type I (ACVR1)/activin receptor-like kinase-2 (ALK2), Janus kinase
(JAK) 1, and JAK2. This activity may lead to beneficial treatment
effects on anaemia and reduce transfusion dependence while treating
myelofibrosis symptoms and splenic response.
GSK in oncology
GSK is focused on maximising patient survival through
transformational medicines. GSK's pipeline is focused on
immuno-oncology, cell therapy, tumor cell targeting therapies and
synthetic lethality. Our goal is to achieve a sustainable flow of
new treatments based on a diversified portfolio of investigational
medicines utilising modalities such as small molecules, antibodies,
antibody-drug conjugates and cell therapy, either alone or in
combination.
About GSK
GSK is a science-led global healthcare company. For further
information please visit www.gsk.com/about-us .
GSK enquiries:
Media enquiries: Tim Foley +44 (0) 20 8047 (London)
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Madeleine Breckon +44 (0) 20 8047 (London)
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Kathleen Quinn +1 202 603 5003 (Washington
DC)
Lyndsay Meyer +1 202 302 4595 (Washington
DC)
Analyst/Investor Nick Stone +44 (0) 7717 618834 (London)
enquiries:
Sonya Ghobrial +44 (0) 7392 784784 (Consumer)
James Dodwell +44 (0) 20 8047 (London)
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Mick Readey +44 (0) 7990 339653 (London)
Josh Williams +44 (0) 7385 415719 (London)
Jeff McLaughlin +1 215 751 7002 (Philadelphia)
Cautionary statement regarding forward-looking statements
GSK cautions investors that any forward-looking statements or
projections made by GSK, including those made in this announcement,
are subject to risks and uncertainties that may cause actual
results to differ materially from those projected. Such factors
include, but are not limited to, those described in the Company's
Annual Report on Form 20-F for 2021, GSK's Q1 Results for 2022 and
any impacts of the COVID-19 pandemic.
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[1] Naymagon, L., & Mascarenhas, J. (2017).
Myelofibrosis-Related Anemia: Current and Emerging Therapeutic
Strategies. HemaSphere, 1(1), e1.
https://doi.org/10.1097/HS9.0000000000000001
[2] Chifotides, H.T., Bose, P. & Verstovsek, S. Momelotinib:
an emerging treatment for myelofibrosis patients with anemia. J
Hematol Oncol 15, 7 (2022).
https://doi.org/10.1186/s13045-021-01157-4
[3] Palandri, F., Palumbo, G.A., Elli, E.M. et al. Ruxolitinib
discontinuation syndrome: incidence, risk factors, and management
in 251 patients with myelofibrosis. Blood Cancer J. 11, 4 (2021).
https://doi.org/10.1038/s41408-020-00392-1
[4] Pardanani, A., & Tefferi, A. (2011). Prognostic
relevance of anemia and transfusion dependency in myelodysplastic
syndromes and primary myelofibrosis. Haematologica, 96(1), 8-10.
https://doi.org/10.3324/haematol.2010.035519
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END
MSCUASORUOUBRAR
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July 01, 2022 09:45 ET (13:45 GMT)
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