UPDATE: Sarepta Therapeutics To Acquire Manufacturing Plant in Massachusetts For $25M

Sarepta Therapeutics, Inc.

, a developer of innovative RNA-based therapeutics, today announced an agreement to acquire a multifunctional manufacturing facility on 26 acres of land in Massachusetts. Sarepta intends to use the facility to manufacture investigational exon skipping therapies for Duchenne muscular dystrophy (DMD). The transaction comprises approximately $25 million in acquisition costs and planned enhancements, and is expected to close in July subject to conditions and extensions in the agreement. “This strategic acquisition complements our existing internal manufacturing capability and global network of suppliers,” said Chris Garabedian, president and chief executive officer of Sarepta Therapeutics. “While we scale up to address the potential U.S. commercial demand for our lead product candidate eteplirsen in the event of an approval next year, the addition of internal resources will enhance our ability to advance the development of our broader exon skipping platform and explore the potential of our technology platform in other therapeutic areas.” Sarepta is the global leader in the development of phosphorodiamidate morpholino oligomer (PMO) chemistries for RNA therapeutics, with nearly a decade of experience producing drug supply for use in basic research and clinical trials. The Company plans to use the facility to further enhance and scale its proprietary manufacturing processes for PMO chemistries. In addition, the facility will be used to manufacture drug supply to support clinical trials of Sarepta's exon skipping therapies for DMD, as well as research and development of future potential products and modified PMO chemistries. The multifunctional facility was constructed in 1996 and upgraded in 2006, and has been qualified under Current Good Manufacturing Practice (cGMP) regulations. When fully operational, the facility supports approximately 40 technicians and support staff. In addition, the acquisition includes 26 acres of land available for future potential expansion.