Pharma BD Deal Intelligence
A win: Chiesi's $1.47B acquisition of Amryt gave it Filsuvez for epidermolysis bullosa and Myalept for lipodystrophy, with the FDA approving Filsuvez in December 2023 to trigger the deal's contingent value rights. The assets were folded into Chiesi Global Rare Diseases, which posted sharply higher rare disease revenue in 2024.
Chiesi to acquire Amryt Pharma for $14.50/ADS plus CVR total up to $1.48 billion.
Amryt 6-K: CVR Agreement milestones achieved as of 18 December 2023; payment to CVR holders to be made per the CVR Agreement.
Chiesi Global Rare Diseases revenue rose ~41% to EUR 763M in 2024, driven by full integration of Amryt Pharma and new US product launches.
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Chiesi Farmaceutici acquired Amryt Pharma for $14.50 per share (~$1.47 billion), gaining a rare disease portfolio led by Filsuvez (birch triterpenes) for epidermolysis bullosa and Myalept (metreleptin) for lipodystrophy. The deal closed April 6, 2023 and included contingent value rights (~$220M) tied to a U.S. Filsuvez approval. That milestone was achieved: the FDA approved Filsuvez for junctional and dystrophic epidermolysis bullosa (patients 6 months and older) on December 19, 2023, triggering the contingent payment and validating the deal thesis. Amryt assets were folded into Chiesi Global Rare Diseases, which reported sharply higher rare disease revenue in 2024 driven by the integration.
$550M DEB Market 7MM (2023)
Epidermolysis bullosa is a group of rare genetic skin disorders causing extremely fragile skin that blisters and tears from minor friction or trauma. Dystrophic EB (DEB) is among the most severe forms, caused by mutations in the COL7A1 gene. Patients face chronic wounds, pain, infection risk, and increased skin cancer risk. Filsuvez (birch triterpenes) became the first FDA-approved topical treatment for EB wound healing.
Chiesi's acquisition of Amryt brought three rare disease assets: Filsuvez for EB (FDA approved, triggered $1.00/share CVR), Myalept (metreleptin) for generalized lipodystrophy, and Mycapssa (octreotide) for acromegaly. The $14.50/share base + up to $2.50 CVR structure aligned risk with Filsuvez regulatory milestones.
~$880K Myalept Annual Revenue (Amryt)
Generalized lipodystrophy is an ultra-rare metabolic disorder characterized by near-complete absence of adipose tissue, leading to severe metabolic complications including insulin resistance, diabetes, hypertriglyceridemia, and fatty liver disease. Congenital forms affect approximately 1 in 1 million people. Myalept (metreleptin) replaces deficient leptin to improve metabolic parameters.
Myalept (metreleptin) is the only FDA-approved therapy specifically for complications of leptin deficiency in patients with congenital or acquired generalized lipodystrophy. It addresses the metabolic consequences of absent adipose tissue by supplementing the missing hormone leptin, improving glycemic control and reducing triglycerides.
Chiesi completed $1.47B acquisition of Amryt Pharma ($14.50/share), gaining Filsuvez for epidermolysis bullosa and metreleptin for lipodystrophy.
The FDA approved Filsuvez (birch triterpenes) topical gel for junctional and dystrophic epidermolysis bullosa in patients 6 months and older on December 19, 2023. The approval satisfied the Filsuvez milestone under the acquisition CVR agreement, triggering the contingent payment to former Amryt shareholders and confirming the core rationale of the deal.
Chiesi integrated Amryt rare disease portfolio with Filsuvez and metreleptin contributing to growing ultra-rare disease segment revenue.
Amryt expanded Chiesi's rare disease portfolio with two commercial products. Modest but growing revenue aligns with Chiesi's rare disease strategy.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Chiesi Farmaceutici S.p.A. / Amryt Pharma plc (this deal) | 2023 | $1.5B | 72 |
| Ciba-Geigy AG / Sandoz AG | 1996 | $36.3B | 98 |
| Sanofi SA / Regeneron Pharmaceuticals, Inc. | 2007 | $1.0B | 97 |
| AbbVie Inc. / Boehringer Ingelheim GmbH | 2016 | $2.2B | 95 |
| Amgen Inc. / Immunex Corporation | 2001 | $16.0B | 91 |
| Takeda Pharmaceutical Company Ltd. / Nimbus Lakshmi | 2022 | $6.0B | 82 |
| LEO Pharma A/S / AstraZeneca PLC | 2016 | $1.1B | 80 |
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