Proactive Investors - Alpine Immune Sciences Inc shares continued higher in pre-market trading, after soaring on Wednesday following news of the firm’s US$4.9 billion takeover by Vertex Pharmaceuticals (NASDAQ:VRTX) Incorporated.
Shares climbed 36.3% to US$64.10 before the market opened, adding to Wednesday’s 20.8% gain.
Vertex’s cash takeover will see Alpine shares valued at US$65 each and is anticipated to be completed this quarter after receiving backing from both companies’ boards.
Wedbush analysts noted the announcement coincided with “impressive” data from phase two trials of Alpine's lead autoimmune and inflammatory disease candidate treatment, povetacicept.
This showed deepening proteinuria reductions and other improved functioning in common chronic kidney disease patients.
Analysts added Vertex saw the common chronic kidney disease market as worth multi-billion dollars, with no treatments yet approved.
“Alpine is a compelling strategic fit for Vertex and furthers our ambition of using scientific innovation to create transformative medicines,” Vertex chief executive Reshma Kewalramani commented.
“We look forward to welcoming the talented Alpine team to Vertex and believe that together we can bring povetacicept, a potential best-in-class treatment [...] faster.”