Magenta Therapeutics to Explore Strategic Alternatives
February 3, 2023
Rare Daily Staff
Magenta Therapeutics said it has halted further development of its programs and will conduct a comprehensive review of strategic alternatives focused on maximizing shareholder value.
The announcement comes one week after the company reported a patient death that in a dose escalation trial of its conditioning agent MGTA-117 for stem cell transplantation to treat the rare blood cancers relapsed/refractory acute myeloid leukemia and myelodysplastic syndrome, which could possible related to the drug. Magenta paused the trial and reported the death the U.S. Food and Drug Administration.
After completing a review of its business, including the status of its programs, resources, and capabilities, Magenta decided to halt further development of its programs and conduct a comprehensive review of strategic alternatives focused on maximizing shareholder value.
As part of this review process, Magenta will explore potential strategic alternatives that may include, but are not limited to, an acquisition, merger, business combination, or other transaction. The company did not set a timetable for completion of this review process.
Conditioning is a critical component necessary in stem cell transplantation to prepare a patient’s body to receive edited cells, which carry the corrected gene and must engraft in the patient’s bone marrow to be effective. Today’s conditioning regimens rely on nonspecific chemotherapy or radiation, which are associated with significant toxicities.
Magenta had previously found that its antibody drug conjugate MGTA-117 precisely targeted only hematopoietic stem and progenitor cells, spared immune cells, and showed high selectivity, potent efficacy, wide safety margins and broad tolerability in non-human primate models.
Sign up for updates straight to your inbox.