Concert Pharma Gets Second FTC Request For Pending CTP-656 Deal

(RTTNews) - Concert Pharmaceuticals, Inc. (CNCE), a clinical stage biopharmaceutical company focused on applying its DCE Platform, announced Monday that it has received a request for additional information from the United States Federal Trade Commission or FTC in connection with the pending acquisition of CTP-656 and other assets related to the treatment of cystic fibrosis by Vertex Pharmaceuticals Inc. (VRTX). Concert continues to expect the transaction to close by October 31, 2017.

The Second Request was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (HSR Act). Concert intends to work cooperatively with the FTC as it reviews the transaction.

As announced in early March, pursuant to an asset purchase agreement, Vertex will pay Concert $160 million in cash for all worldwide development and commercialization rights to CTP-656 and Concert's other cystic fibrosis assets.

If CTP-656 is approved as part of a combination regimen to treat CF, Concert could receive up to an additional $90 million in milestones based on regulatory approval in the U.S. and agreement for reimbursement in the first of the United Kingdom, Germany or France.

Concert's annual meeting of stockholders will be held on May 24, and will include for consideration the authorization of the CTP-656 asset purchase agreement. Concert's Board of Directors unanimously supports the transaction and recommends that Concert's shareholders vote in favor of it.