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Grand Rapids-based Tetra Therapeutics Finalizes Deal to Sell to Japanese Partner

Friday, June 5, 2020   (0 Comments)
Posted by: Alisha Brown
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Grand Rapids biopharmaceutical company Tetra Therapeutics Inc. announced this week that it has a definitive agreement to sell to a Japanese firm in a deal that could reach $500 million, according to a statement.

Tetra Therapeutics, which develops drugs for people suffering from Fragile X syndrome, Alzheimer's disease, traumatic brain injury and other brain disorders, has finalized a 2018 agreement with the Japanese company.

Under the terms of the merger agreement, Tetra will become a wholly owned subsidiary of Shionogi, and Shionogi will have global rights to all Tetra compounds. Based on the achievement of certain predetermined regulatory and commercial milestones the total transaction value may be up to $500 million, the companies said in a news release.

Tetra is in a second phase clinical study for its drug on Fragile X Syndrome and has recently completed a second phase study on an Alzheimer's disease drug in the United States.

"Shionogi has been a valued partner for the last two and half years," Mark Gurney, chairman and CEO of Tetra Therapeutics, said in a statement. "And with the company's development and commercialization expertise, we believe Shionogi is ideally positioned to bring the potential of our platform to patients and provide new treatment options within these areas of urgent medical need."

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