Spark Therapeutics Acquires Genable Technologies
The companies say the acquisition will assist in expediting the clinical development of RhoNova, a potential treatment targeting rhodopsin-linked autosomal dominant retinitis pigmentosa.
Spark Therapeutics announced on March 7, 2016 that it has completed the acquisition of Genable Technologies, an Irish biopharmaceutical company developing novel gene therapies for the treatment of dominant genetic diseases. Genable Technologies will become a wholly owned subsidiary of Spark Therapeutics and will remain in Ireland.
The consideration paid to Genable shareholders consists of $6 million in cash and 265,000 shares of Spark common stock. Additional financial terms were not disclosed.
According to the companies, the acquisition will assist in expediting the clinical development of RhoNova, a potential treatment developed by Genable to target rhodopsin-linked autosomal dominant retinitis pigmentosa (RHO-adRP), an inherited retinal disease (IRD) that can lead to blindness. Using adeno-associated virus (AAV) vectors developed and manufactured at Spark Therapeutics, RhoNova is designed to suppress expression of the faulty gene and deliver the normal rhodopsin (RHO) gene, thereby providing a therapy that is independent of the specific causative rhodopsin mutation.
Source: Genable, Spark Therapeutics
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