Merck Sharp and Dohme to acquire Afferent Pharmaceuticals

Merck Sharp and Dohme has agreed a deal to purchase Afferent Pharmaceuticals for an initial fee of $500 million (353.05 million pounds).

Afferent Pharmaceuticals specialises in the development of therapeutic candidates targeting the P2X3 receptor for the treatment of common, poorly-managed neurogenic conditions.

Its lead investigational candidate is AF-219, a selective, non-narcotic, orally-administered P2X3 antagonist that is currently being evaluated in a phase IIb clinical trial for the treatment of refractory, chronic cough. Another phase II trial is assessing the drug in patients with idiopathic pulmonary fibrosis and cough.

The terms of the deal will also see Afferent shareholders receive an additional payout of up to $750 million based on the achievement of certain clinical development and commercial milestones for multiple indications and candidates, including AF-219.

Dr Roger Perlmutter, president of Merck Research Laboratories, said: "We look forward to advancing these innovative molecules for patients with conditions like chronic cough, an area of significant unmet medical need."

The companies expect to finalise this deal in the third quarter of 2016.