Concert Pharma sells drug to Vertex, shares skyrocket 81%
Concert also released its fiscal results for the final quarter of 2016, showing a loss of $50.7m for the period.
CTP-656 is an investigational cystic fibrosis transmembrane conductance regulator (CFTR) and is currently in Phase II of trials in order to become available in the US, UK, Germany and France.
Vertex have agreed to pay $160m in cash for the drug, as well as $90m based on future assurances of it being approved.
"With Vertex's clinical and commercial expertise in CF, this agreement provides the optimal pathway to rapidly advance the development of CTP-656 for the benefit of cystic fibrosis patients," said Roger Tung, Chief Executive Officer of Concert Pharmaceuticals.
"The financial strength provided to Concert by this agreement will allow us to advance CTP-543 into pivotal testing and broaden our proprietary development pipeline."
Concert's total revenue for Q4 was down to $174,000, compared with $66.7m in the corresponding quarter of 2015. ■
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