Vertex to buy preclinical biotech for $950M, searching a Type 1 diabetes cure

Dive Brief:

• Vertex said Tuesday it will pay $950 million in cash for a preclinical biotech researching a cure for Type 1 diabetes.
• Since its 2014 founding, Semma Therapeutics has worked on a stem cell-based therapy for Type 1 diabetes, publishing preclinical proof-of-concept data earlier this year. Semma’s drug-device combination aims to restore insulin secretion by producing large quantities of pancreatic beta cells, while using a device to protect those cells from an immune response.
• In Semma, Vertex sees “a substantial opportunity” to change how Type 1 diabetes is treated, company CEO Jeffrey Leiden said in a Sept. 3 statement. The companies expect the deal to close by year’s end, after which Semma will become an operating subsidiary of Vertex.

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