aibioPTC agrees to buy Sangamo's Fabry gene therapy ST-920 in bankruptcy
Tickers PTCT
PTC Therapeutics will pay $111 million upfront and up to $100 million more in milestones for ST-920, subject to approval by the bankruptcy court.
Key facts
- Company
- PTC Therapeutics, Inc. (NASDAQ: PTCT)
- News type
- Distress
- Primary source
- PTC Therapeutics, Inc. 8-K (2026-08-28)
On August 25, 2026, PTC Therapeutics, Inc. entered into an asset purchase agreement with Sangamo Therapeutics, Inc. to acquire Sangamo's right, title and interest in the assets primarily related to ST-920, a one-time administered AAV gene therapy product candidate for Fabry disease. PTC also agreed to assume certain specified liabilities of Sangamo. The company disclosed the agreement in a Form 8-K. The upfront payment is $111 million.
The payment structure
PTC may owe up to an additional $100 million in contingent milestone payments. The first $80 million is payable upon accelerated approval by the U.S. Food and Drug Administration of a biologics license application for ST-920 for the treatment of Fabry disease, based on Sangamo's Phase 1/2 STAAR study and a related long-term follow-up study. The remaining $20 million is payable upon full approval of a biologics license application based on the STAAR studies, whether that approval comes with the original submission or after an accelerated approval is converted into a full approval.
The transaction is a purchase out of a bankruptcy. PTC previously announced that it was selected as the winning bidder for ST-920 in a competitive auction held in the Chapter 11 case of Sangamo. The agreement contains customary representations, warranties and covenants for a purchase of assets from a debtor. None of those representations or warranties survive the closing, and the agreement does not provide for indemnification for any breach of them.
Conditions and deadlines
Completion requires that the United States Bankruptcy Court for the District of Delaware enter an order authorizing and approving the acquisition. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 must expire or terminate.
Either party may terminate the agreement in specified circumstances. Those include failure to satisfy specified Bankruptcy Case process deadlines and certain court or case events adverse to the company, including a denial of approval by the Bankruptcy Court. Either company may also terminate if the closing has not occurred on or before October 15, 2026, subject to certain exceptions.
A hearing before the Bankruptcy Court to consider approval of the agreement and the acquisition is scheduled for September 10, 2026. PTC says the full agreement will be filed as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.
The company and its products
PTC describes itself in its annual report as a global biopharmaceutical company focused on medicines for children and adults living with rare disorders. Sephience (sepiapterin) is approved for phenylketonuria in the United States, the European Economic Area and Japan. The company sells Translarna (ataluren) and Emflaza (deflazacort) for Duchenne muscular dystrophy and markets Kebilidi for AADC deficiency in the United States. Evrysdi (risdiplam) for spinal muscular atrophy is developed with Roche.
The annual report also lists votoplam, a Huntington's disease program that Novartis has taken over.
Financial position
The financial figures in this story come from the annual report filed on February 19, 2026. PTC reported research and development expense of $455.2 million for 2025, compared with $534.5 million for 2024. It reported net income of $682.6 million for 2025, compared with a net loss of $363.3 million for 2024. Cash from operations was $711.2 million in 2025, compared with negative $107.7 million in 2024. Year-end 2024 cash and cash equivalents were $779.7 million, with short-term investments of $360.0 million.
What comes next
The next dated events are the Bankruptcy Court hearing on September 10, 2026, and October 15, 2026, the date after which either company may end the agreement if the closing has not occurred. PTC says the full agreement will be filed with its Form 10-Q for the quarter ending September 30, 2026. The acquisition remains subject to court approval and the other conditions described above. The 8-K gives no clinical results for ST-920. Both milestones depend on FDA approval of a filing built on a Phase 1/2 study, and the buyer takes the asset from a debtor with no indemnification for breaches of the seller's representations.