Merck to Acquire Caraway Therapeutics, Inc.
21 Novembre 2023 - 12:45PM
Business Wire
Acquisition underscores Merck’s ongoing
commitment to developing treatments for neurodegenerative
diseases
Merck (NYSE: MRK), known as MSD outside of the United States and
Canada, and Caraway Therapeutics, Inc. announced today that the
companies have entered into a definitive agreement under which
Merck, through a subsidiary, will acquire Caraway Therapeutics for
a total potential consideration of up to $610 million, including an
undisclosed upfront payment as well as contingent milestone
payments. The upfront payment will be expensed by Merck in the
fourth quarter of 2023 and included in non-GAAP results.
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“Caraway’s multidisciplinary approach has yielded important
progress in evaluating novel mechanisms of modulation of lysosomal
function with potential for the treatment of progressive
neurodegenerative diseases,” said George Addona, senior vice
president, discovery, preclinical development and translational
medicine, Merck Research Laboratories. “We look forward to applying
our expertise to build upon this work with the goal of developing
much needed disease-modifying therapies for these conditions.”
Caraway is a preclinical biopharmaceutical company pursuing
innovative approaches for the treatment of genetically defined
neurodegenerative and rare diseases. The company has built a
pipeline of novel, small-molecule therapeutics for the treatment of
genetically defined neurodegenerative and rare diseases.
“This important milestone is a testament to the hard work and
dedication of the Caraway team and our mission to develop
therapeutics with the potential to alter the progression of
devasting neurodegenerative diseases and help patients,” said
Martin D. Williams, chief executive officer, Caraway Therapeutics.
“This acquisition leverages Merck’s industry-leading research and
development capabilities to help further advance our discovery and
preclinical programs. We thank and appreciate our investors,
including SV Health Investors and its Dementia Discovery Fund,
AbbVie Ventures, Amgen Ventures, Eisai Innovation and MRL Ventures
Fund for their support.”
Under the terms of the agreement, Merck, through a subsidiary,
will acquire all outstanding shares of Caraway with earnout
milestones associated with the development of certain pipeline
candidates. The Board of Directors of Caraway Therapeutics has
approved the transaction. Merck, through its MRL Ventures Fund, has
been a shareholder of Caraway Therapeutics since 2018.
About Caraway Therapeutics
Caraway Therapeutics is a biopharmaceutical company pursuing
novel approaches for the treatment of genetically defined
neurodegenerative and rare diseases. The company is a leader in the
cutting-edge science of activating cellular recycling processes to
clear toxic materials and defective cellular components by
modulating lysosomal function. Caraway is utilizing its unique
product engine to develop proprietary insights into lysosomal
function and small molecule ion channel modulation and advance a
robust pipeline of precision therapeutic candidates with
disease-modifying potential for patients. The company is backed by
top-tier investors, including SV Health Investors and its Dementia
Discovery Fund, AbbVie Ventures, MRL Ventures Fund, Amgen Ventures,
and Eisai Innovation. Caraway is based in Cambridge, MA. For more
information, please visit www.carawaytx.com.
About Merck
At Merck, known as MSD outside of the United States and Canada,
we are unified around our purpose: We use the power of leading-edge
science to save and improve lives around the world. For more than
130 years, we have brought hope to humanity through the development
of important medicines and vaccines. We aspire to be the premier
research-intensive biopharmaceutical company in the world – and
today, we are at the forefront of research to deliver innovative
health solutions that advance the prevention and treatment of
diseases in people and animals. We foster a diverse and inclusive
global workforce and operate responsibly every day to enable a
safe, sustainable and healthy future for all people and
communities. For more information, visit www.merck.com and connect
with us on X (formerly Twitter), Facebook, Instagram, YouTube and
LinkedIn.
Forward-Looking Statement of Merck & Co., Inc., Rahway,
N.J., USA
This news release of Merck & Co., Inc., Rahway, N.J., USA
(the “company”) includes “forward-looking statements” within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These statements are
based upon the current beliefs and expectations of the company’s
management and are subject to significant risks and uncertainties.
There can be no guarantees with respect to pipeline candidates that
the candidates will receive the necessary regulatory approvals or
that they will prove to be commercially successful. If underlying
assumptions prove inaccurate or risks or uncertainties materialize,
actual results may differ materially from those set forth in the
forward-looking statements.
Risks and uncertainties include but are not limited to, general
industry conditions and competition; general economic factors,
including interest rate and currency exchange rate fluctuations;
the impact of the global outbreak of novel coronavirus disease
(COVID-19); the impact of pharmaceutical industry regulation and
health care legislation in the United States and internationally;
global trends toward health care cost containment; technological
advances, new products and patents attained by competitors;
challenges inherent in new product development, including obtaining
regulatory approval; the company’s ability to accurately predict
future market conditions; manufacturing difficulties or delays;
financial instability of international economies and sovereign
risk; dependence on the effectiveness of the company’s patents and
other protections for innovative products; and the exposure to
litigation, including patent litigation, and/or regulatory
actions.
The company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise. Additional factors that could cause
results to differ materially from those described in the
forward-looking statements can be found in the company’s Annual
Report on Form 10-K for the year ended December 31, 2022 and the
company’s other filings with the Securities and Exchange Commission
(SEC) available at the SEC’s Internet site (www.sec.gov).
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version on businesswire.com: https://www.businesswire.com/news/home/20231121533067/en/
Merck Investor Contact: Peter Dannenbaum (908) 447-6900 Merck
Media Contacts: Justine Moore (347) 281-3754 Olivia Finucane 00 / +
44 7881 262476 Caraway Media Contact: Carolyn Noyes
CNoyes@macdougall.bio
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