Ipsen is penning its second acquisition of the week, this time securing Memo Therapeutics and its midstage monoclonal antibody in a deal that could approach $800 million.
French pharma Ipsen is writing itself further into the rare disease narrative, following up Monday’s purchase of Kartos Therapeutics with a €200 million ($227 million) upfront acquisition of Memo Therapeutics and the biotech’s rare disease program.
Once the deal closes—which is expected during the third quarter of this year—Memo shareholders will receive the upfront payment, according to a Wednesday release. In the future, Memo could also collect certain milestone payments for a potential deal total surpassing €700 million ($796 million).
The M&A story centers around potravitug, a Phase 2 monoclonal antibody designed to target BK polyomavirus (BKPyV). The common virus can cause BKPyV-associated nephropathy (BKPyVAN), a serious complication of kidney transplants that can lead to graft loss and transplant failure. Currently, there aren’t any approved treatments against BKPyVAN specifically, with the focus on clinical management and lowering immunosuppression.
Enter Memo, a Swiss biotech developing lead asset potravitug, which reduced the incidence of BKPyVAN and demonstrated a sustained antiviral effect in the Phase 2 SAFE KIDNEY II trial. Complete findings from the study were presented a few weeks ago and underpin plans to launch a pivotal Phase 2/3 study later this year, according to the company. The asset has clinched Fast Track designation from the FDA and Orphan Drug status in Europe.
“With potravitug, we have the opportunity to add a promising first-in-class asset to our rare disease pipeline and address the significant clinical consequences of BK virus–associated nephropathy in kidney transplant recipients, where current standards of care can compromise transplant success and graft outcomes,” Ipsen R&D head Christelle Huguet said in a prepared statement. The deal fits into the company’s focus on rare diseases, alongside its efforts in oncology and neuroscience.
Meanwhile, Memo plans to spin out its other assets and employees not working on potravitug to a new company called Memorises Bio. The biotech’s programs stem from Memo’s Dropzylla technology, an antibody repertoire–copying engine with rapid screening capabilities.
Memo unveiled more than a decade ago and is backed by investors including Ysios Capital, Kurma Partners, Pureos Bioventures, Swisscanto, Vesalius Biocapital and Adjuvant Capital. The biotech is helmed by Erik van den Berg, who previously led AM Pharma and held a top spot at Organon.
The deal launches biopharma into the second half of the year, marking a hopeful continuation of the M&A resurgence seen in the first half of 2026.
This week alone, Zymeworks spent nearly $1 billion to acquire Theravance, while Ipsen itself announced the takeover of California-based Kartos Therapeutics. The backloaded agreement includes $450 million upfront and up to $1.3 billion in future payments. In exchange, Ipsen has gained a late-stage MDM2 blocker designed to treat a rare blood cancer. The candidate is being proposed as an add-on therapy to ruxolitinib for myelofibrosis.
