Roche deal for CF program brings return to Enterprise’s syndicate without full takeout

Roche’s deal to acquire a clinical cystic fibrosis program from U.K.-based Enterprise delivers a return to the biotech’s shareholders while allowing the venture-backed company to continue development of another pipeline project.

Roche (SIX:ROG; OTCQX:RHHBY) is paying £75 million ($97 million) up front to acquire a portfolio of TMEM16A potentiators from Enterprise Therapeutics Ltd. The deal includes ETD002, a first-in-class, inhalable molecule that began a Phase I trial in August to treat CF patients, regardless of their mutation status...