Millendo Therapeutics finalizes merger with OvaScience, strengthens rare disease pipeline

Millendo Therapeutics has finalized its merger with OvaScience, a Massachusetts-based biotech firm specializing in female infertility treatments. The transaction, initially announced in August 2018, concludes with Millendo receiving a total of $85.4 million. This sum comprises $35.9 million in cash from OvaScience and an additional $49.5 million from a related financing effort.

The merger’s completion followed approval from OvaScience’s stockholders, paving the way for Millendo Therapeutics to assume the reins as the surviving entity. The new structure will see Millendo stockholders holding 63.3% of the combined company, OvaScience stockholders owning 16.5%, and investors from the financing round controlling 20.2%.

Strategic Focus and Future Developments

Under the merger terms, the integrated company, continuing under the Millendo Therapeutics name, will focus on advancing its orphan endocrine disease pipeline. This includes livoletide, a drug candidate for Prader-Willi syndrome (PWS), slated to enter a Phase 2b/3 trial in the first quarter of 2019. Additionally, nevanimibe, aimed at treating classic congenital adrenal hyperplasia (CAH), is progressing through Phase 2b clinical trials.

Julia C. Owens, President and CEO of Millendo Therapeutics, emphasized the merger’s strategic importance. Owens remarked, “The closing of the merger and concurrent financing represents a significant opportunity and milestone for Millendo. We can now accelerate our work to bring life-changing therapies to market for rare endocrine diseases. We have two differentiated, late-stage endocrine therapies that have been observed to be well tolerated, and we believe address areas of significant unmet need.”

She further highlighted that the Phase 2b trial for nevanimibe in CAH has already begun, with the pivotal Phase 2b/3 trial for livoletide for PWS set to start in early 2019.

Leadership and Headquarters

The newly expanded Millendo Therapeutics will be led by Julia Owens and will maintain its headquarters in Ann Arbor, Michigan.