- Shares in Philadelphia biotech company more than double in value
- Roche shares slightly lower
- “Broad product portfolio” cited in buyout
On Monday, gene therapy expert Spark Therapeutics saw its shares more than double in pre-market trading after the company agreed on a $4.3 billion takeover by Switzerland’s Roche Holding.
Roche, the world’s biggest cancer treatment maker, said that it will pay $114.50 a share for gene therapy specialist Spark. This represents a 122% premium on the stock’s closing price from last Friday.
The biotech company, which is based in Philadelphia, and its portfolio of treatments for neurodegenerative diseases is subsequently valued at around $4.3 billion.
Spark CEO Jeffrey Marrazzo commented: “As the only biotechnology company that has successfully commercialized a gene therapy for a genetic disease in the U.S., we have built unmatched competencies in the discovery, development and delivery of genetic medicines. But the needs of patients and families living with genetic diseases are immediate and vast.”
“With its worldwide reach and extensive resources, Roche will help us accelerate the development of more gene therapies for more patients for more diseases and further expedite our vision of a world where no life is limited by genetic disease,” Marrazzo added.
While Spark shares were 120.62% higher on Friday’s close, Roche shares slid lower in pre-market trading on Monday, down 0.4%.
Roche CEO Severin Schwan said: “Spark Therapeutics’ proven expertise in the entire gene therapy value chain may offer important new opportunities for the treatment of serious diseases. In particular, Spark Therapeutics’ haemophilia A programme could become a new therapeutic option for people living with this disease.”
Schwan went on to highlight Spark Therapeutics’ broad product portfolio, and Roche also specifically mentioned Spark’s late-stage gene therapy haemophilia A treatment, known as SPK-8011.