Sareum Holdings PLC Sareum notes GSK's completed acquisition of Sierra (1195R)
04 July 2022 - 4:00PM
UK Regulatory
TIDMSAR
RNS Number : 1195R
Sareum Holdings PLC
04 July 2022
SAREUM HOLDINGS PLC
("Sareum" or "the Company")
Sareum notes completion of Sierra Oncology's acquisition by
GSK
Cambridge, UK, 4 July 2022 - Sareum Holdings plc (AIM: SAR), the
specialist drug development company, notes that GSK has completed
its acquisition of Sierra Oncology, Inc ("Sierra"), the licence
holder for SRA737 (a novel Chk1 inhibitor), for US$1.9 billion in
cash. The acquisition was approved by Sierra's shareholders on 29
June 2022.
GSK has noted that the key driver of the acquisition was
momelotinib, a drug Sierra is developing for the treatment of
myelofibrosis. Sierra reported positive topline results from a
Phase III study investigating momelotinib in this indication in
January 2022 and submitted a New Drug Application ("NDA") to the US
Food and Drug Administration ("FDA") in June 2022 for marketing
approval.
Following the acquisition, GSK also now owns the licence rights
to SRA737, a clinical-stage oral, selective Checkpoint kinase 1
inhibitor that targets cancer cell replication and DNA damage
repair mechanisms. SRA737 was discovered and initially developed by
scientists at The Institute of Cancer Research in collaboration
with Sareum, and with funding from Sareum and Cancer Research UK.
SRA737 was licensed to Sierra in September 2016 and has progressed
through multiple preclinical and early-stage clinical trials
demonstrating potential for further investigation in combination
with other agents in haematologic and solid tumour indications.
Under an amended US$299m licensing deal on SRA737 between Sierra
and CRT Pioneer Fund LP (announced 12 November 2020), Sareum is
eligible to receive a 27.5% share of any future milestone payments
as well as royalties on any future sales. The dosing of the first
patient with SRA737 in any new clinical trial would result in a
US$2.0m payment from Sierra (now GSK), with 27.5% of this due to
Sareum.
The full announcement made by GSK can be viewed here .
For further information, please contact:
Sareum Holdings plc
Tim Mitchell, CEO 01223 497700
Strand Hanson Limited (Nominated Adviser)
James Dance / James Bellman 020 7409 3494
Peel Hunt LLP (Joint Corporate Broker)
James Steel 020 7418 8900
Hybridan LLP (Joint Corporate Broker)
Claire Noyce 020 3764 2341
MEDiSTRAVA Consulting (Financial PR)
Mark Swallow / George Underwood / Evelyn
McCormack 020 3928 6900
About Sareum
Sareum is a specialist drug development company delivering
targeted small molecule therapeutics to improve the treatment of
cancer and autoimmune diseases. The Company aims to generate value
through licensing its candidates to international pharmaceutical
and biotechnology companies at the preclinical or early clinical
trials stage.
Sareum is advancing internal programmes focused on distinct dual
tyrosine kinase 2 (TYK2) / Janus kinase 1 (JAK1) inhibitors through
preclinical development as therapies for autoimmune diseases,
including the 'cytokine storm' immune system overreaction to
Covid-19 and other viral infections, (SDC-1801) and cancer
immunotherapy (SDC-1802).
Sareum also has an economic interest in SRA737, a clinical-stage
oral, selective Checkpoint kinase 1 (Chk1) inhibitor that targets
cancer cell replication and DNA damage repair mechanisms.
Preliminary Phase 2 and comprehensive preclinical data suggest
SRA737 may have broad application in combination with other
oncology and immune-oncology drugs in genetically defined
patients.
SRA737 was discovered and initially developed by scientists at
The Institute of Cancer Research in collaboration with Sareum, and
with funding from Sareum and Cancer Research UK. SRA737 was
licensed by CRT Pioneer Fund (CPF) to Sierra Oncology Inc.,
acquired by GSK in July 2022.
Sareum Holdings plc is listed on the AIM market of the London
Stock Exchange, trading under the ticker SAR. For further
information, please visit the Company's website at
www.sareum.com
- Ends -
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