Roche is paying $2.7 billion upfront to enter the obesity market. The takeover will give Roche control of Carmot Therapeutics, a biotech with injectable dual GLP-1/GIP receptor agonists and an oral GLP-1 drug in clinical development.

罗氏（Roche）为进入肥胖症市场预付了27亿美元。收购将使罗氏控制Carmot Therapeutics，这是一种生物技术，具有可注射的双重GLP-1/GIP受体激动剂和临床开发中的口服GLP-1药物。

Carmot is developing three molecules that could challenge Eli Lilly, Novo Nordisk and the rest of the pack for the booming obesity and diabetes markets. The biotech filed to go public last month, outlining how it would use the cash to advance once-weekly and once-daily injectables, plus an oral small molecule, to phase 1b and 2 data drops in 2024 and 2025..

卡莫特正在开发三种分子，它们可能会挑战礼来、诺和诺德和其他公司，以应对蓬勃发展的肥胖和糖尿病市场。该生物技术公司上个月提交了上市申请，概述了它将如何利用这笔资金在2024年和2025年将每周一次和每天一次的注射剂以及口服小分子注射剂提前到1b期和2期数据下降。。

Carmot filed to go public to ensure it had all the resources needed to execute on its programs, Carmot CEO Heather Turner told Fierce Biotech this morning. However, the biotech had also been in talks with Roche for a few months—conversations that Turner said occurred “in parallel” with the IPO plans, a strategy often referred to as a dual track process..

Carmot首席执行官希瑟·特纳（HeatherTurner）今早告诉《凶猛生物技术》（Fierce Biotech），Carmot已申请上市，以确保其拥有执行项目所需的所有资源。然而，这家生物技术公司也与罗氏公司进行了几个月的谈判，特纳表示，这些谈判与IPO计划“并行”，这一策略通常被称为双轨过程。。

While Turner said Carmot had been regularly in discussion with other companies about possible opportunities, she declined to comment on any other potential offers.

特纳表示，卡莫特一直在与其他公司就可能的机会进行定期讨论，但她拒绝对任何其他潜在报价发表评论。

Ultimately, Carmot ditched plans to brave the chilly IPO waters and instead is taking the Roche road, accepting a buyout bid worth $2.7 billion upfront plus up to $400 million in milestones. The deal is a big win for investors in Carmot, which has raised $384.8 million to date.

最终，卡莫特放弃了勇敢面对IPO寒流的计划，转而选择了罗氏（Roche）之路，接受了价值27亿美元的收购要约，外加高达4亿美元的里程碑。这笔交易对卡莫特的投资者来说是一个巨大的胜利，迄今为止，卡莫特已经筹集了3.848亿美元。

Turner, who previously stressed the importance of Fierce 15 winner Carmot’s commitment to patient accessibility to treatment, highlighted Roche’s ability to compete in the current global obesity market.

特纳之前强调了15强冠军卡莫特对患者获得治疗的承诺的重要性，他强调了罗氏在当前全球肥胖市场上的竞争能力。

Andrew Baum, an analyst at Citi, foresaw Roche’s move into obesity. On a quarterly results conference call in October, the analyst noted that Roche had expanded into cardiology and that its anti-myostatin antibody, RO7204239, could pair well with an incretin and support an expansion into obesity. Roche CEO Thomas Schinecker’s response offers insights into the thinking behind the Carmot acquisition..

花旗（Citi）分析师安德鲁·鲍姆（AndrewBaum）预见到罗氏（Roche）将走向肥胖。在10月份的季度结果电话会议上，这位分析师指出，罗氏已经扩展到心脏病学领域，其抗肌肉生长抑制素抗体RO7204239可以与肠促胰岛素很好地结合，并支持向肥胖领域的扩展。罗氏首席执行官托马斯·希内克（ThomasSchinecker）的回应提供了对收购卡莫特背后想法的见解。。

As Schinecker explained, Roche is studying the potential for its anti-myostatin antibody to strengthen the muscles of people with spinal muscular atrophy (SMA). While SMA was the focus at that time, the Roche CEO acknowledged how ownership of a drug that could support muscle development was shaping the company’s thinking about the obesity opportunity..

正如Schinecker解释的那样，罗氏公司正在研究其抗肌肉生长抑制素抗体增强脊髓性肌萎缩症（SMA）患者肌肉的潜力。虽然SMA是当时的焦点，但罗氏首席执行官承认，拥有一种可以支持肌肉发育的药物是如何塑造公司对肥胖机会的思考的。。

“The GLP-1s and the GLP-1/GIP incretins have one big problem. And this problem is muscle loss. So it’s an option that we are looking at how this antibody can play a role there in the future,” Schinecker said.

Schinecker说：“GLP-1s和GLP-1/GIP肠促胰岛素有一个大问题。这个问题是肌肉损失。因此，我们正在研究这种抗体将来如何在那里发挥作用。”。

Carmot’s attempt to differentiate its candidates from the competition rests on “biased signaling” that is designed to minimize recruitment of ß-arrestin. The approach is intended to achieve greater weight loss and glycemic control, plus a more favorable tolerability profile.

卡莫特试图将候选人与竞争对手区分开来，这是基于“有偏见的信号”，旨在最大程度地减少ß-抑制蛋白的招募。该方法旨在实现更大的体重减轻和血糖控制，以及更有利的耐受性。

Buying Carmot positions Roche to have a role in the obesity market, both as the provider of single-agent drugs to support weight management and potentially as the developer of combinations that help people to lose weight while maintaining or increasing muscle mass. That could be important because some of the weight loss in recipients of Novo’s semaglutide and Lilly’s tirzepatide is driven by loss of lean mass..

收购卡莫特将使罗氏在肥胖市场发挥作用，既可以作为支持体重管理的单一药物的供应商，也可以作为帮助人们减肥同时保持或增加肌肉质量的组合的开发者。这可能很重要，因为Novo的semaglutide和Lilly的tirzepatide的接受者的一些体重减轻是由于瘦体重的减少。。

In a statement disclosing the deal, Turner noted the “potential for combinations.” To unlock those opportunities, Roche will need to validate Carmot’s clinical pipeline of subcutaneous and oral incretins. The once-weekly and once-daily injectables, CT-388 and CT-868, are the most advanced assets, with Carmot aiming to release phase 2 data in the second half of 2024 and sometime in 2025..

特纳在一份披露交易的声明中指出了“组合的潜力”。为了释放这些机会，罗氏需要验证卡莫特的皮下和口服肠降血糖素临床管道。每周一次和每天一次的注射剂CT-388和CT-868是最先进的资产，Carmot计划在2024年下半年和2025年某个时候发布第二阶段数据。。

The third candidate, the oral small molecule CT-996, is in phase 1. Carmot shared pharmacokinetic data that support once-daily dosing in October. The biotech’s schedule includes additional phase 1 data in the first half of 2024 and topline phase 1b data in type 2 diabetes in the second half of next year..

第三个候选者是口服小分子CT-996，处于第一阶段。Carmot分享了药代动力学数据，这些数据支持10月份每天服用一次。该生物技术公司的时间表包括2024年上半年的额外第一阶段数据和明年下半年的第二型糖尿病1b期数据。。

Turner anticipates that all existing clinical timelines remain on track, noting that operations are expected to be minimally impacted by the deal. Carmot employees will join Roche’s pharmaceuticals division and Turner said she will take on an operational leadership role at the Big Pharma. The deal is set to close in the first quarter of 2024..

特纳预计，所有现有的临床时间表都将保持正常，并指出该交易对运营的影响预计将降至最低。卡莫特的员工将加入罗氏制药部门，特纳表示，她将在这家大型制药公司担任运营领导职务。该交易将于2024年第一季度完成。。