Amsterdam, The Netherlands, March 14th, 2024 – EQT Life Sciences is pleased to announce that its portfolio company Amolyt Pharma has agreed to be acquired by Alexion, AstraZeneca Rare Diseases for a total deal value of USD1.05 billion. Amolyt is a clinical-stage biotechnology company focused on developing novel treatments for rare endocrine diseases. 

Amolyt Pharma is developing a treatment for hypoparathyroidism, which is one of the largest known rare diseases. It affects an estimated 115,000 people in the United States and 107,000 people in the European Union, approximately 80% of whom are women. Patients with hypoparathyroidism lack enough parathyroid hormone, causing problems with calcium and phosphate levels in their bodies. This can lead to serious symptoms and complications however current treatments often cause chronic kidney disease. Amolyt is working on a treatment called Eneboparatide, which aims to address the issues of hypoparathyroidism by targeting the PTH receptor 1.

EQT Life Sciences originally invested in Amolyt’s Series A through its LSP 6 fund, as the lead investor. At the time the lead program was still in preclinical stages but with EQT’s support, the company has completed a phase I/II study and started a Phase III program, which is ongoing. Phase II data showed that Eneboparatide achieved normalization of serum calcium levels as well as the potential to eliminate dependence on daily calcium and vitamin D supplementation. In addition, Eneboparatide reduced calcium in urine in adults with chronic hyperparathyroidism and hypercalciuria and preserved bone mineral density, an important potential benefit in patients with an increased risk of osteopenia or osteoporosis. The Company has also expanded its pipeline by adding two additional programs, while strengthening its Board and Management team.

Felice Verduyn-van Weegen, outgoing Board member at Amolyt Pharna and Partner at EQT Life Sciences: “We have seen the potential of Amolyt since the beginning, so it’s rewarding to see that potential be recognized by a company like Alexion. We have long believed that Amolyt’s treatments can have a meaningful impact on the lives of hypoparathyroidism patients and supported the Company through every stage of its growth, having spent the past four years on the Board. Amolyt – with its fantastic team, stellar execution and life changing treatment – is a clear example of the kind of company that EQT Life Sciences looks to support. We wish the Amolyt team all the best going forward.”

“We are proud of the remarkable achievements of our team in building and developing a portfolio of therapeutic peptides with the potential to address significant unmet needs for rare endocrine and related diseases, having advanced eneboparatide to Phase 3 for hypoparathyroidism and created an early-stage pipeline in less than 5 years.” said Thierry Abribat, Ph.D., Founder and Chief Executive Officer of Amolyt Pharma. “We are thankful for the support from EQT to our company, they have been instrumental in setting bold targets and executing on them since the beginning.”

Terms of the agreement
Under the terms of the agreement, Alexion will acquire all of Amolyt Pharma’s outstandingshares for a total consideration of up to $1.05B, on a cash and debt free basis. This includes $800 million upfront at deal closing, plus the right for Amolyt Pharma’s shareholders to receive an additional contingent payment of $250 million payable upon achievement of a specified regulatory milestone.

Subject to the satisfaction of customary closing conditions in the acquisition agreement, including regulatory clearances, the transaction is expected to close by the end of the third quarter of 2024.

Contacts
EQT Press Office, press@eqtpartners.com
Felice Verduyn-van Weegen, partner, EQT Life Sciences, Felice.verduyn@eqtpartners.com

Notes
Eneboparatide (AZP-3601) is an investigational therapeutic peptide designed to bind with high affinity to a specific conformation of the parathyroid hormone (PTH) receptor 1. Therapeutic goals include: regulating and maintaining serum calcium levels in the normal range, and thereby managing the symptoms of hypoparathyroidism; limiting urine calcium excretion by restoring calcium reabsorption by the kidney; and potentially preventing progressive decline in kidney function and the development of chronic kidney disease. Eneboparatide is also designed to have a short plasma half-life to potentially restore bone turnover to a more physiologic state and to help preserve bone integrity.

Hypoparathyroidism is a rare condition defined by a deficiency of parathyroid hormone that results in decreased calcium and elevated phosphorus levels in the blood. Approximately 80% of the estimated 115,000 people in the United States and 107,000 in the European Union with hypoparathyroidism are women. Despite available treatments, patients experience persistent, life-altering symptoms and often develop complications and comorbidities that diminish quality of life and create segments of the patient population with specific clinical needs. Clinical manifestations of hypoparathyroidism impact many tissues and organ systems, in particular, the kidneys and bone.