Seres Therapeutics Announces Completion of VOWST™ Asset Sale to Société des Produits Nestlé S.A
Seres Therapeutics (Nasdaq: MCRB) has completed the sale of its VOWST business to Nestlé Health Science, strengthening its financial position and focusing on developing novel live biotherapeutics for high-risk patient populations. The transaction provides $175M in gross proceeds, with additional future payments expected. This extends Seres' cash runway into Q4 2025.
The company plans to advance SER-155, which showed promising results in reducing bloodstream infections and antibiotic exposure in allogeneic HSCT patients. Seres will also evaluate SER-155 for other at-risk populations and develop SER-147 for chronic liver disease patients.
The deal results in a streamlined organization, reducing headcount from 200 to 100, and retiring all debt. Seres is considering both internal development and partnerships to maximize value creation in multiple target populations.
Seres Therapeutics (Nasdaq: MCRB) ha completato la vendita della sua attività VOWST a Nestlé Health Science, rafforzando la sua posizione finanziaria e concentrandosi sullo sviluppo di nuovi bioterapici vivi per popolazioni di pazienti ad alto rischio. La transazione fornisce 175 milioni di dollari in proventi lordi, con ulteriori pagamenti futuri previsti. Questo estende la liquidità di Seres fino al Q4 2025.
L'azienda prevede di far avanzare SER-155, che ha mostrato risultati promettenti nella riduzione delle infezioni del torrente sanguigno e dell'esposizione agli antibiotici nei pazienti sottoposti a trapianto di cellule staminali ematopoietiche allogenico (HSCT). Seres valuterà anche SER-155 per altre popolazioni a rischio e svilupperà SER-147 per pazienti con malattia epatica cronica.
Il contratto porta a un organizzazione semplificata, riducendo il numero dei dipendenti da 200 a 100, e estinguendo tutti i debiti. Seres sta considerando sia lo sviluppo interno che le partnership per massimizzare la creazione di valore in più popolazioni target.
Seres Therapeutics (Nasdaq: MCRB) ha completado la venta de su negocio VOWST a Nestlé Health Science, fortaleciendo su posición financiera y enfocándose en el desarrollo de nuevos bioterapéuticos vivos para poblaciones de pacientes de alto riesgo. La transacción proporciona 175 millones de dólares en ingresos brutos, con pagos adicionales esperados en el futuro. Esto extiende la duración del efectivo de Seres hasta Q4 2025.
La compañía planea avanzar en SER-155, que mostró resultados prometedores en la reducción de infecciones en el torrente sanguíneo y exposición a antibióticos en pacientes HSCT alogénicos. Seres también evaluará SER-155 para otras poblaciones en riesgo y desarrollará SER-147 para pacientes con enfermedad hepática crónica.
El acuerdo resulta en una organización simplificada, reduciendo el personal de 200 a 100, y saldando toda la deuda. Seres está considerando tanto el desarrollo interno como asociaciones para maximizar la creación de valor en múltiples poblaciones objetivo.
Seres Therapeutics (Nasdaq: MCRB)는 VOWST 사업을 Nestlé Health Science에 매각하여 재무 상태를 강화하고 고위험 환자 집단을 위한 새로운 생물 치료제를 개발하는 데 집중하게 되었습니다. 이번 거래를 통해 1억 7500만 달러의 총 수익이 발생하며, 추가적인 미래 지급도 예상됩니다. 이는 Seres의 현금 유동성을 2025년 4분기까지 연장합니다.
회사는 SER-155를 발전시킬 계획이며, 이는 동종 조혈모세포 이식(HSCT) 환자에서 혈류 감염과 항생제 노출을 줄이는 데 유망한 결과를 보여주었습니다. Seres는 또한 SER-155를 다른 위험 집단에 대해 평가하고, 만성 간 질환 환자를 위한 SER-147을 개발할 것입니다.
이번 거래는 조직의 간소화를 가져와 인원 수를 200명에서 100명으로 줄이고 모든 부채를 상환하게 됩니다. Seres는 다양한 타겟 집단에서 가치를 극대화하기 위해 내부 개발 및 파트너십을 고려하고 있습니다.
Seres Therapeutics (Nasdaq: MCRB) a achevé la vente de son activité VOWST à Nestlé Health Science, renforçant ainsi sa position financière et se concentrant sur le développement de nouveaux biothérapeutiques vivants pour des populations de patients à haut risque. La transaction procure 175 millions de dollars en produits bruts, avec d'autres paiements futurs attendus. Cela prolonge la trésorerie de Seres jusqu'au Q4 2025.
L'entreprise prévoit de faire avancer SER-155, qui a montré des résultats prometteurs dans la réduction des infections sanguines et de l'exposition aux antibiotiques chez les patients HSCT allogéniques. Seres évaluera également SER-155 pour d'autres populations à risque et développera SER-147 pour les patients atteints de maladies hépatiques chroniques.
L'accord entraîne une organisation rationalisée, réduisant le nombre d'employés de 200 à 100, et remboursant toutes les dettes. Seres envisage à la fois le développement interne et les partenariats pour maximiser la création de valeur dans plusieurs populations cibles.
Seres Therapeutics (Nasdaq: MCRB) hat den Verkauf seines VOWST-Geschäfts an Nestlé Health Science abgeschlossen, wodurch die finanzielle Lage gestärkt und der Fokus auf die Entwicklung neuartiger lebender Biotherapeutika für hochriskante Patientengruppen gelegt wird. Die Transaktion bringt 175 Millionen US-Dollar Bruttoerlös, mit weiteren zukünftigen Zahlungen, die zu erwarten sind. Dies verlängert die finanzielle Reichweite von Seres bis Q4 2025.
Das Unternehmen plant, SER-155 voranzutreiben, das vielversprechende Ergebnisse bei der Reduzierung von Blutstrominfektionen und Antibiotikaexposition bei allogenen HSCT-Patienten gezeigt hat. Seres wird auch SER-155 für andere gefährdete Populationen bewerten und SER-147 für Patienten mit chronischen Lebererkrankungen entwickeln.
Der Vertrag führt zu einer strafferen Organisation, die die Mitarbeiterzahl von 200 auf 100 reduziert und sämtliche Schulden tilgt. Seres erwägt sowohl interne Entwicklungen als auch Partnerschaften, um die Wertschöpfung in mehreren Zielpopulationen zu maximieren.
- Received $175M in gross proceeds from the VOWST sale, with additional future payments expected
- Cash runway extended into Q4 2025
- Promising clinical results for SER-155 in reducing bloodstream infections and antibiotic exposure
- Plans to apply for Breakthrough Therapy designation for SER-155
- Streamlined organization with debt fully retired
- Potential for additional milestone payments up to $275M based on VOWST worldwide net sales
- Reduction in company headcount from 200 to 100 employees
- Loss of VOWST business and associated revenue stream
Insights
The sale of VOWST to Nestlé Health Science is a significant strategic move for Seres Therapeutics. The transaction brings in immediate cash of
The deal also includes potential milestone payments of up to
This transaction allows Seres to concentrate on its promising SER-155 program, which has shown encouraging results in reducing bloodstream infections and antibiotic use in allo-HSCT patients. The potential for Breakthrough Therapy designation could accelerate development and increase market value. Overall, this deal strengthens Seres' financial position and sharpens its focus on high-potential areas, which could drive long-term value for investors.
The completion of the VOWST asset sale marks a pivotal shift in Seres Therapeutics' strategy, focusing on its cultivated live biotherapeutics platform. The recent Phase 1b Cohort 2 study results for SER-155 are particularly noteworthy, showing significant reductions in bloodstream infections, systemic antibiotic exposure and febrile neutropenia in allo-HSCT patients.
This data suggests strong potential for SER-155 in addressing unmet needs in immunocompromised populations. The company's plans to pursue Breakthrough Therapy designation could accelerate development timelines. Furthermore, the exploration of SER-155 in other high-risk populations like cancer neutropenia and solid organ transplants expands the potential market significantly.
The development of SER-147 for chronic liver disease patients at high infection risk adds depth to the pipeline. Seres' approach of targeting multiple vulnerable patient populations with high infection risks and associated healthcare costs presents a substantial commercial opportunity. The company's streamlined focus on these high-potential areas could lead to faster development of novel therapies in critical areas of unmet medical need.
Transaction supports further development of SER-155, following recent promising clinical data, and other cultivated live biotherapeutics, for multiple medically vulnerable patient populations at high risk of life-threatening bacterial infections
Cash received at completion, along with anticipated future deal payments, extends runway into Q4 2025
CAMBRIDGE, Mass., Sept. 30, 2024 (GLOBE NEWSWIRE) -- Seres Therapeutics, Inc. (Nasdaq: MCRB), (“Seres” or the “Company”), a leading live biotherapeutics company, today announced that it has completed the previously announced sale of its VOWST business to Société des Produits Nestlé S.A (“SPN”, and with certain of its affiliates, collectively, “Nestlé Health Science”).
“We are pleased to complete the sale of VOWST to Nestlé Health Science, which strengthens our financial position and sharpens our focus on developing our novel platform in multiple medically vulnerable patient populations at high risk of life-threatening bacterial infections and associated negative clinical outcomes,” said Eric Shaff, President and CEO of Seres Therapeutics. “The recently announced highly encouraging clinical results from our Phase 1b Cohort 2 study, demonstrating that SER-155 was associated with a significant reduction in both bloodstream infections and systemic antibiotic exposure, as well as a lower incidence of febrile neutropenia, as compared to placebo, in patients undergoing allogeneic Hematopoietic Stem Cell Transplantation (allo-HSCT), reinforces our conviction in the potential of our cultivated live biotherapeutics platform to provide significant patient benefits and meaningful commercial opportunity. The resources provided by the VOWST transaction will support our plans to progress SER-155, including applying for Breakthrough Therapy designation, and additional biotherapeutic pipeline programs.”
Mr. Shaff continued, “We are emerging from this transaction a more streamlined organization, with our debt fully retired and an investment plan focused on advancing our promising pipeline programs. The Company’s headcount will decrease from approximately 200 to 100, principally due to the transition of manufacturing and quality team members from Seres to Nestlé Health Science, positioning the organization to efficiently progress our strategy. We want to thank all our colleagues for their contributions to Seres and to developing VOWST for patients. We look forward to working with Nestlé Health Science to ensure a smooth transition and wish them all the best as the stewards of VOWST moving forward.”
In addition to Seres’ plans to further develop SER-155 in allo-HSCT, the Company intends to evaluate the program in additional medically vulnerable patient populations at high risk for bacterial bloodstream infections, such as cancer neutropenia (including autologous HSCT and CAR-T patients), and solid organ transplants where there is significant unmet need, severe consequences of infection and a high cost burden on the healthcare system, and thus potential for meaningful commercial opportunity. Seres is also developing another proprietary live biotherapeutic composition, SER-147, designed to improve clinical outcomes in compromised chronic liver disease patients at high risk of bacterial infections.
Seres continues to evaluate opportunities to maximize value creation. The Company believes there is potential to pursue both internal clinical development and externally supported efforts, including partnerships, to evaluate its biotherapeutics in multiple target populations that could benefit patients and create significant commercial value.
Economics and Cash Runway
Upon the closing of the transaction, Seres received gross proceeds of approximately
Considering Seres' current cash reserves, future operating plans, and anticipated capital from the sale, as well as ongoing transaction obligations, the Company expects its cash runway to extend into Q4 2025.
Advisors to Seres
Lazard acted as sole investment banker to Seres in connection with the VOWST sale, and Latham & Watkins LLP serves as the Company’s legal counsel.
About Seres Therapeutics
Seres Therapeutics, Inc. (Nasdaq: MCRB) is a clinical-stage company focused on improving patient outcomes in medically vulnerable populations through novel live biotherapeutics. Seres led the successful development and approval of VOWST™, the first FDA-approved orally administered microbiome therapeutic, which was sold to Nestlé Health Science in September 2024. The Company is developing SER-155, which has demonstrated a significant reduction in bloodstream infections and related complications (as compared to placebo) in a clinical study in patients undergoing allogeneic Hematopoietic Stem Cell Transplantation (allo-HSCT). SER-155 and our other pipeline programs are designed to target multiple disease-relevant pathways and are manufactured from standard clonal cell banks via single-strain cultivation, rather than from the donor-sourced production process used for VOWST. The Company is also advancing additional cultivated oral live biotherapeutics for medically vulnerable populations, including those with chronic liver disease, cancer neutropenia, and solid organ transplants. For more information, please visit www.serestherapeutics.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements about the financial terms and use of proceeds of the transaction; the results of our clinical studies; future product candidates, development plans and commercial opportunities; operating plans and our future cash runway; our planned strategic focus and other statements which are not historical fact.
These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: (1) we have incurred significant losses, are not currently profitable and may never become profitable; (2) our need for additional funding; (3) our history of operating losses; (4) our novel approach to therapeutic intervention; (5) our reliance on third parties to conduct our clinical trials and manufacture our product candidates; (6) the competition we will face; (7) our ability to protect our intellectual property; (8) our ability to retain key personnel and to manage our growth; (9) the effect of the transaction on our ability to retain and hire key personnel and maintain relationships with our customers, suppliers, advertisers, partners and others with whom we do business, or on our operating results and businesses generally; (10) the risks associated with the disruption of management’s attention from ongoing business operations due to the obligation to provide transition services; (11) our failure to receive the installment payments or the milestone payments in the future; (12) the uncertainty of impact of the 50/50 profit and loss sharing arrangement on our reported results and liquidity; and (13) we may not be able to realize the anticipated benefits of the transaction. These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC), on August 13, 2024, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Investor and Media Contacts:
IR@serestherapeutics.com
Carlo Tanzi, Ph.D.
Kendall Investor Relations
ctanzi@kendallir.com
This press release was published by a CLEAR® Verified individual.
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