By Stephen Nakrosis

Idera Pharmaceuticals, Inc. said Wednesday it acquired privately held Aceragen, Inc. and named John Taylor, the former chief executive of Aceragen, to succeed Vincent Milano, who was named chair of the board.

Under the terms of the stock-for-stock deal, all Aceragen outstanding equity interests were exchanged for a combination of shares of Idera common stock and shares of newly designated convertible Series Z preferred stock and newly designated Series X preferred stock, Idera said. The combined cash of the two companies is expected to provide runway into the third quarter of next year, Idera said.

The acquisition includes ACG-701, "a proprietary formulation of sodium fusidate being developed as a potential treatment for acute pulmonary exacerbations associated with cystic fibrosis and for melioidosis, a life-threatening infection caused by the B. pseudomallei pathogen," Idera said.

Additionally, the acquisition includes ACG-801, an "investigational biologic enzyme replacement therapy being developed for the treatment of Farber disease," the company said.

Carl Kraus, Aceragen's former chief medical officer, will now serve in that role for Idera. Acergen's former chief operating officer, Daniel Salain, will serve in that role for Idera.

Also, Andy Jordan, Aceragen's former chief financial officer, has been named chief strategy officer for Idera, the company said.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

September 28, 2022 17:01 ET (21:01 GMT)

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