Pfizer will pay $340m upfront and up to an additional $470m in milestone payments to purchase its portfolio company Therachon, providing an exit to Inserm Transfert Initiative.

Therachon, a Switzerland-based biotechnology developer focused on rare genetic disorders backed by medical research institute Inserm, yesterday agreed to an acquisition by pharmaceutical firm Pfizer for up to $810m.
Pfizer will pay $340m upfront and up to $470m in additional milestone payments related to the development of Therachon’s lead asset, TA-46, a treatment for a bone growth disorder called achondroplasia that causes disproportionate dwarfism.
Founded in 2014, Therachon is developing therapies for rare genetic diseases such as achondroplasia, a disease that can lead to serious cardiovascular, neurological and metabolic complications. Achondroplasia affects approximately 250,000 people worldwide.
TA-46 is being developed as a weekly subcutaneous injection for children and adolescents. The drug candidate has completed phase 1 trials and secured orphan drug designation from the US and EU regulators.
As part of the acquisition, Therachon has established a spinout that will drive the development of apraglutide, its treatment of short bowel syndrome. Pfizer Ventures, the corporate venturing arm of Pfizer, owns a minority stake in the as-yet unnamed spinout.
Therachon builds on research led by Elvire Gouze, a senior researcher at Inserm and University of Nice Sophia Antipolis.
Pfizer expects Therachon to complement its existing research into rare diseases, particularly in the paediatric growth disorders field.
Therachon closed a $60m series B round in August 2018 that featured Insterm’s investment arm Inserm Transfert Initiative. The round was led by pharmaceutical firm Novo Holdings and also included Pfizer Ventures and French state-owned investment bank Bpifrance.
Cowen Healthcare Investments, Versant Ventures, OrbiMed and funds managed by Tekla Capital Management filled out the series B round.
The spinout previously completed a $40m series A round in 2017 after obtaining a $5m extension from Bpifrance. Inserm Transfert Initiative had taken part in a $35m first close in 2015 led by OrbiMed, with participation from New Enterprise Associates and Versant.

Thierry Heles

Thierry Heles is the former editor-at-large of Global University Venturing and Global Corporate Venturing, and was the producer and host of the Beyond the Breakthrough podcast until December 2024.