Italian pharma and diagnostics company, Menarini Group, is expanding its presence in the US with the $677 million acquisition of Stemline Therapeutics, a biopharma focussed on novel oncology therapeutics.
As per the agreement, a wholly owned subsidiary of the Menarini Group will commence a tender offer for all outstanding shares of Stemline.
With the support of Menarini’s infrastructure, Stemline will continue its efforts to develop additional applications of ELZONRIS to serve the unmet needs of patients suffering from difficult to treat diseases and cancers.
The deal provdes Menarini access to Stemline’s ELZONRIS, a novel targeted therapy directed to the interleukin-3 (IL-3) receptor-α (CD123). It was approved as a treatment of blastic plasmacytoid dendritic cell neoplasm in paediatric patients two years and older by the FDA in December 2018.
Following its strong US launch, Stemline will benefit from Menarini’s experience in bringing products to markets in Europe and emerging markets as it prepares for a successful international launch upon receipt of regulatory approval in ex-US territories.
“Stemline is an excellent fit for Menarini, enabling us to expand our presence in the US with an established biopharmaceutical company focused on developing oncology therapeutics,” said Elcin Barker Ergun, CEO of Menarini Group.
“Through this acquisition, we will continue to strengthen our portfolio and pipeline of oncology assets and deliver novel therapies around the world.”