Idera Pharma Shares Rise Nearly 18% After Aceragen Acquisition

Dow Jones2022-09-29

By Stephen Nakrosis

Shares of Idera Pharmaceuticals Inc. were trading higher in Wednesday's after-hours market, following news that the company acquired privately held Aceragen Inc.

At 5:51 p.m. ET, Idera's shares had risen 17.76% to trade at 47 cents a share. Volume at the time topped 101,000 shares. The stock finished the day's regular session with a 3.73% gain, closing at 38 cents per share.

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.

Idera also named John Taylor, the former chief executive of Aceragen, to succeed CEO Vincent Milano, who was named chair of the board.

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

(END) Dow Jones Newswires

September 28, 2022 18:15 ET (22:15 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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