Stock Market News

Exclusive: MoonLake Immunotherapeutics explores sale – sources

2023.07.14 15:58


© Reuters. FILE PHOTO: The flag of Switzerland flies on the dome of the Parliament Building (Bundeshaus), in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photo

By David Carnevali

(Reuters) – MoonLake Immunotherapeutics, a developer of an antibody-derived treatment for inflammatory skin conditions, is exploring a sale, according to people familiar with the matter.

The company, which has a market value of $3.1 billion, is working with an investment bank and is having early-stage conversations with drugmakers interested in a potential acquisition, the sources said.

The sources added that no deal is certain and asked not to be identified because the matter is confidential. Spokespeople for MoonLake, which is based in Zug, Switzerland, and is listed on the Nasdaq stock exchange in New York, did not respond immediately to a request for comment.

Immunology-focused companies have been coveted acquisition targets, as highlighted by recent deals such as Merck & Co’s $10.8 billion acquisition of Prometheus BioSciences Inc and Eli Lilly (NYSE:)’s $2.4 billion purchase of Dice Therapeutics.

MoonLake said on June 25 that new clinical trial data showed its treatment for a skin condition known as hidradenitis suppurativa performed well in a late-stage trial, making it more likely that it will secure regulatory approval. Days later, the company announced it had raised $400 million through a stock sale to further fund the development of the medicine, which goes by the scientific name of Sonelokimab.

The antibody-derived drug acts as an inhibitor of inflammatory pathways by targeting hard-to-reach tissues. MoonLake is testing Sonelokimab for the treatment of other inflammatory conditions, including psoriatic arthritis and psoriasis.

If successful, MoonLake would encroach on a market dominated by bigger peers such as Novartis AG and AbbVie Inc (NYSE:). AbbVie’s Humira generates around $1 billion annually for the treatment of hidradenitis suppurativa, according to Citigroup (NYSE:) analysts.

MoonLake was formed in 2021, when Merck KGaA licensed Sonelokimab, which it had developed through the first stage of its clinical development, to a newly created company.

In 2022, MoonLake went public through a merger with a special purpose acquisition company, which helped it raise more than $200 million in cash. Its share price has increased fivefold since its market debut.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 76,109.39 1.14%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,920.97 7.74%
tether
Tether (USDT) $ 1.00 0.08%
solana
Solana (SOL) $ 199.52 6.78%
bnb
BNB (BNB) $ 602.38 1.13%
usd-coin
USDC (USDC) $ 0.998954 0.12%
xrp
XRP (XRP) $ 0.556798 3.18%
dogecoin
Dogecoin (DOGE) $ 0.195227 0.34%
staked-ether
Lido Staked Ether (STETH) $ 2,918.97 7.65%
cardano
Cardano (ADA) $ 0.413594 14.06%
tron
TRON (TRX) $ 0.16031 1.06%
the-open-network
Toncoin (TON) $ 4.96 3.73%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,458.06 7.65%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 1.94%
avalanche-2
Avalanche (AVAX) $ 27.83 2.45%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,148.40 1.28%
weth
WETH (WETH) $ 2,923.40 7.79%
chainlink
Chainlink (LINK) $ 12.77 5.50%
bitcoin-cash
Bitcoin Cash (BCH) $ 381.11 0.72%
sui
Sui (SUI) $ 2.34 2.66%
polkadot
Polkadot (DOT) $ 4.19 2.01%
leo-token
LEO Token (LEO) $ 6.25 0.34%
usds
USDS (USDS) $ 0.999169 0.37%
litecoin
Litecoin (LTC) $ 72.30 2.14%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,074.06 7.71%
uniswap
Uniswap (UNI) $ 8.91 4.71%
near
NEAR Protocol (NEAR) $ 4.30 2.66%
aptos
Aptos (APT) $ 9.90 4.00%
pepe
Pepe (PEPE) $ 0.000011 12.45%
bittensor
Bittensor (TAO) $ 514.18 2.71%
internet-computer
Internet Computer (ICP) $ 7.87 0.28%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.42 1.39%
dai
Dai (DAI) $ 0.999011 0.14%
stellar
Stellar (XLM) $ 0.102811 6.27%
ethereum-classic
Ethereum Classic (ETC) $ 20.28 3.63%
monero
Monero (XMR) $ 164.04 1.65%
kaspa
Kaspa (KAS) $ 0.115421 3.45%
ethena-usde
Ethena USDe (USDE) $ 0.99975 0.22%
whitebit
WhiteBIT Coin (WBT) $ 19.66 1.97%
aave
Aave (AAVE) $ 181.78 3.00%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.348588 4.82%
blockstack
Stacks (STX) $ 1.70 0.29%
crypto-com-chain
Cronos (CRO) $ 0.093342 9.37%
dogwifcoin
dogwifhat (WIF) $ 2.48 2.93%
okb
OKB (OKB) $ 40.50 2.97%
first-digital-usd
First Digital USD (FDUSD) $ 0.994308 0.63%
arbitrum
Arbitrum (ARB) $ 0.585546 6.94%
filecoin
Filecoin (FIL) $ 3.79 2.58%
mantle
Mantle (MNT) $ 0.66235 10.63%