Pharma BD Deal Intelligence
Ipsen acquired Epizyme for $1.45/share cash (~$247M upfront) plus a non-tradable CVR of up to $4/share, announced June 27, 2022 and closed August 8, 2022. The deal added Tazverik (tazemetostat), a first-in-class FDA-approved EZH2 inhibitor for relapsed/refractory follicular lymphoma and epithelioid sarcoma, plus EZM0414, a Phase 1 SETD2 inhibitor (Fast Track in MM/DLBCL). POST-CLOSE OUTCOME: the thesis did not hold. EZM0414's SET-101 study (NCT05121103) was terminated in 2025 for a 'strategic business decision,' ending the pipeline arm. On March 9, 2026 Ipsen voluntarily withdrew Tazverik in all indications from all markets and discontinued all tazemetostat trials and expanded-access programs, after the confirmatory Phase Ib/III SYMPHONY-1 trial surfaced a safety signal of secondary hematologic malignancies (IDMC: risks may outweigh benefits). With 2025 Tazverik sales of only ~EUR 40.6M (~$47M, -13% YoY), the CVR's $250M sales milestone is effectively unreachable. The acquisition closed as an M&A transaction, but both acquired assets are now off the market or terminated.