Boston-based Vertex Pharmaceuticals has agreed to acquire Seattle-based Alpine Immune Sciences for $4.9 billion in cash, offering a 38% premium over Alpine’s closing price. The biotech company Alpine specializes in developing immunotherapies for cancer, kidney disease, and other autoimmune and inflammatory conditions by engineering proteins that impact the body’s immune response. Alpine’s CEO, Mitchell Gold, expressed excitement at the acquisition, highlighting the potential benefits for patients from their product pipeline, including povetacicept (ALPN-303) which aims to treat autoimmune and inflammatory diseases and is set to enter Stage 3 clinical trials later this year.
Mitchell Gold, previously the CEO of Dendreon and founder of Alpine BioVentures, sees this acquisition as a historic moment for Alpine, its employees, and patients who may benefit from their innovative products. The premium offered by Vertex for Alpine is a result of the increased interest in the company after rumors of a potential sale surfaced. The deal is expected to close in the second quarter of the year, pending approval from both companies’ boards. Alpine, with 142 employees as of 2023, has primarily focused on research and development, with significant investment to support their efforts.
Alpine’s acquisition by Vertex is part of a trend of large acquisitions in the biotech industry, particularly in Seattle where several biotech companies have been targeted for acquisition. The companies see this acquisition as a significant opportunity to combine their resources and expertise to further the development of immunotherapies to address a range of serious health conditions. Alpine’s focus on engineering proteins to modulate the immune response has shown promise in their product pipeline, making them an attractive target for acquisition.
The $4.9 billion cash deal represents a substantial investment by Vertex in acquiring Alpine and gaining access to their unique immunotherapy platform. The agreement has been approved by both companies’ boards, signaling a mutual understanding of the potential benefits of the acquisition for advancing their respective research and development efforts. With Alpine’s pipeline of products, including povetacicept (ALPN-303), moving into advanced clinical trials, the acquisition comes at a pivotal time for both companies as they work towards bringing new treatments to patients in need.
Alpine’s journey from a startup in 2015 to a publicly traded company in 2017 through a merger with Nivalis reflects the rapid growth and development of the company in a relatively short period. The additional funding raised by Alpine, including a $91 million private placement in 2021, has enabled them to expand their research and development efforts and advance their innovative immunotherapy treatments. The acquisition by Vertex represents a significant milestone in Alpine’s trajectory and offers an exciting opportunity to leverage the resources and expertise of both companies to accelerate the development of new treatments for patients suffering from autoimmune and inflammatory conditions.
Overall, the acquisition of Alpine Immune Sciences by Vertex Pharmaceuticals for $4.9 billion in cash marks a major milestone for both companies and the biotech industry as a whole. The deal reflects the growing interest and investment in immunotherapy research and development to address a range of serious health conditions, including cancer, kidney disease, and autoimmune disorders. With Alpine’s innovative approach to engineering proteins that modulate the immune response, the acquisition by Vertex offers the potential to further advance the development of novel therapies and bring new treatment options to patients in need.
