Ipsen acquires Memo Therapeutics for US$798.4M to secure Potravitug

FRANCE—Ipsen has agreed to acquire Swiss biotechnology company Memo Therapeutics in a deal valued at more than €700 million (US$798.4 million), strengthening its rare-disease pipeline with a promising antibody therapy for kidney transplant patients.

The acquisition comes only days after the French pharmaceutical company announced another major transaction, highlighting its continued investment in high-value specialty medicines.

Deal focuses on promising kidney disease therapy

Under the agreement, Ipsen will pay Memo Therapeutics’ shareholders €200 million (US$228.1 million) upon closing, expected in the third quarter of 2026.

Shareholders may also receive additional milestone payments linked to development, regulatory approvals and future sales, bringing the total potential value of the deal to more than €700 million (US$798.4 million).

As part of the transaction, Memo’s remaining research assets and employees that are not involved in the potravitug programme will transfer to a newly created company, Memorises Bio, which will remain under the ownership of Memo’s existing shareholders.

The acquisition centres on potravitug, a Phase II monoclonal antibody developed to treat BK polyomavirus-associated nephropathy (BKPyVAN).

The condition develops when a dormant BK virus reactivates in people with weakened immune systems, particularly kidney transplant recipients receiving immunosuppressive medicines.

If left untreated, the infection can damage the transplanted kidney and eventually lead to graft failure.

Phase III study planned this year

Potravitug works by binding to the virus’s VP1 capsid protein, preventing the virus from entering healthy cells and reducing viral replication.

By blocking this process, the therapy aims to limit kidney damage while preserving the transplanted organ.

The investigational therapy received Fast Track designation from the US Food and Drug Administration in 2023 and Orphan Drug designation in the European Union in 2025.

Memo plans to begin its pivotal SAFE KIDNEY III Phase III clinical trial later this year following encouraging results from the Phase II SAFE KIDNEY II study.

In that placebo-controlled study, significantly more patients receiving potravitug achieved low or undetectable BK viral levels compared with those receiving placebo.

If approved, the therapy would become the first targeted treatment specifically developed for BKPyVAN.

Ipsen continues acquisition strategy

The Memo acquisition follows Ipsen’s recent agreement to acquire Kartos Therapeutics for up to US$1.75 billion.

That deal adds the late-stage blood cancer candidate navtemadlin for myelofibrosis, further expanding the company’s oncology portfolio.

Together, the two acquisitions reinforce Ipsen’s strategy of building its pipeline through innovative therapies targeting rare diseases and cancers with significant unmet medical needs.

According to Darshana Dadhania, medical director of the Kidney and Pancreas Transplant Programme at Weill Cornell Medicine, BKPyVAN remains a major challenge because clinicians often need to reduce immunosuppressive therapy to control the infection, thereby increasing the risk of organ rejection.

She said an effective targeted treatment could help manage the virus without forcing clinicians to make that difficult trade-off.