An Exton-based pharmaceutical company is making a major acquisition after facing hurdles. Its lead program could not continue into its late-stage trial, due to being unable to meet results. In a stock-for-stock deal, Idera acquired the North Carolina-based Aceragen, writes Zac Ezzone for the Philadelphia Business Journal.
Idera Pharmaceuticals focuses on treatments for rare diseases. After its lead study fell through, executives looked to alternative solutions. This new merger has allowed it to acquire three clinical programs from Aceragen.
CEO Vincent Milano is now the chair of the board of directors, Aceragen CEO John Taylor will now be the chief executive of the merged company. Several other executives from Aceragen will maintain their position.
Idera’s headcount of employees saw quite some dwindling, however. Starting out with 13 full-time employees, now only six remain. Twenty-six employees were working at Aceragen when it launched in May of 2021, the company was able to retain 22 of them.
The company now has a combined $27 million to use until the third quarter of 2023. Treatments for acute pulmonary exacerbations associated with cystic fibrosis and a rare infectious disease called melioidosis are undergoing clinical trials. They expect to launch a study to evaluate treatment for Farber disease.
“We are excited by the potential for Aceragen’s rare disease portfolio to result in meaningful therapeutic options for patients, and I am looking forward to being part of this new stage of Idera’s journey,” said CEO John Taylor.
Read more about this Exton pharmaceutical company’s acquisition at the Philadelphia Business Journal.