Vertex Pharmaceuticals recently announced it will acquire Alpine Immune Sciences for $4.9 billion in cash.

The two companies signed a definitive agreement in which Vertex will buy the biotech company for $65 per share. The transaction was unanimously approved by both companies’ boards of directors and is anticipated to close later this year.

Alpine is developing the lead molecule povetacicept (ALPN-303), a highly potent and effective dual antagonist of BAFF (B cell activating factor) and APRIL (a proliferation-inducing ligand). In Phase 2 development, povetacicept has shown potential best-in-class efficacy in IgA nephropathy (IgAN), according to the company.

“Today’s announcement marks a new chapter for Alpine,” Alpine CEO Dr. Mitchell Gold said. “It became clear during our discussions with the Vertex team that we share many core values, including a commitment to patients, our employees, and an intense drive for innovation. Povetacicept has demonstrated potential best-in-class attributes in IgA nephropathy and has broad development potential across a number of other autoimmune and inflammatory conditions with significant unmet need. We look forward to the opportunity, now more than ever, to make a meaningful difference in the lives of patients worldwide as part of Vertex.”

IgAN is a serious and progressive autoimmune disease of the kidney that could potentially lead to end-stage renal disease. There are currently no therapies that specifically target the underlying cause of IgAN. Povetacicept is on track to enter Phase 3 clinical development in the second half of this year.

“Alpine is a compelling strategic fit for Vertex and furthers our ambition of using scientific innovation to create transformative medicines targeting serious diseases with high unmet need in specialty markets,” Vertex President and CEO Dr. Reshma Kewalramani said in a news release. “We look forward to welcoming the talented Alpine team to Vertex and believe that together we can bring povetacicept, a potential best-in-class treatment for IgAN to patients faster. We also look forward to fully exploring povetacicept’s potential as a ‘pipeline-in-a-product’ and adding Alpine’s protein engineering and immunotherapy capabilities to Vertex’s toolbox.”