Clementia Pharmaceuticals Inc. (NASDAQ:CMTA) spiked early Monday after French company Ipsen announced plans to acquire the company in a transaction worth up to $1.31 billion.
The Paris-based Ipsen announced its plans to acquire Clementia Pharmaceuticals, including its key late-stage clinical asset palovarotene, an investigational retinoic acid receptor gamma (RARγ) selective agonist, for the treatment of fibrodysplasia ossificans progressiva (FOP), multiple osteochondromas (MO) and other diseases.
Clementia CEO Clarissa Desjardins commented, "I am proud of the entire Clementia team, whose tireless efforts have rapidly advanced palovarotene towards a planned NDA (New Drug Application) submission, and we are all grateful for the dedication of the patient community and our clinical trial investigators who have supported us along the way.
"Ipsen’s global commercial presence and capabilities will expedite our shared vision of bringing palovarotene to patients around the world as quickly as possible."
Shares in Clementia gained $11.01, or 73.7%, to $25.95
