Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) will acquire Semma Therapeutics, a privately held biotechnology company that uses of stem cell-derived human islets as a potentially curative treatment for type 1 diabetes, for $950 million in cash.
Semma has a differentiated approach to treat type 1 diabetes, which is a disease affecting over one million people in the U.S. alone.
“Semma has made two major scientific advances: the ability to produce large quantities of functional human pancreatic beta cells that restore insulin secretion and ameliorate hypoglycemia in animal models and a novel device that encapsulates and protects these cells from the immune system, enabling durable implantation without the need for ongoing immunosuppressive therapy,” Vertex said in a statement.
Vertex Pharmaceuticals shares were trading up 0.82% at $181.50 in Tuesday’s pre-market session. The stock has a 52-week high of $195.81 and a 52-week low of $151.80.
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