GSK has completed the acquisition of Sierra Oncology, a California-based biopharmaceutical company focused on targeted therapies for the treatment of rare forms of cancer.
The acquisition was approved by Sierra Oncology’s shareholders on 29 June 2022.
The acquisition of Sierra Oncology includes momelotinib, a late-stage potential new medicine with a unique dual mechanism of action that may address the critical unmet medical needs of myelofibrosis patients with anaemia.
In addition, momelotinib complements GSK’s Blenrep (belantamab mafodotin); the acquisition builds on the company’s expertise in haematology and aligns with GSK’s strategy of building a strong portfolio of specialty medicines and vaccines. If approved, momelotinib will contribute to GSK’s growing specialty medicines business, with a US launch anticipated in 2023.
Luke Miels, chief commercial officer, GSK, said: “This acquisition expands our innovative oncology portfolio, demonstrating our commitment to improving patient outcomes and creating value for shareholders. We now have a late-stage differentiated molecule in momelotinib, which could potentially address a significant unmet need in myelofibrosis patients with anaemia. Our focus is now on execution.”
In June 2022, Sierra Oncology presented the complete data from the MOMENTUM phase III trial at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting. The trial met all its primary and key secondary endpoints, demonstrating that momelotinib achieved a statistically significant and clinically meaningful benefit on symptoms, splenic response, and anaemia. Sierra Oncology submitted a New Drug Application to the US Food and Drug Administration in June, and GSK anticipates a regulatory submission in Europe in the second half of 2022.
Upon completion of the acquisition, GSK acquired all outstanding shares of Sierra Oncology for $55 per share in cash, representing an approximate total equity value of $1.9 billion (£1.6 billion at current exchange rates).