KURMA PARTNERS, A MEMBER OF THE EURAZEO GROUP AND A SHAREHOLDER OF MEMO THERAPEUTICS AG, ANNOUNCES THE SALE OF THE BIOTECH COMPANY TO IPSEN FOR AN AMOUNT THAT COULD REACH UP TO €700 MILLION.

• Kurma invested in Memo Therapeutics AG in 2024 as part of an extension of its Series C round, which totaled CHF 45 million.

• Memo Therapeutics AG develops best-in-class antibodies for the treatment of viral infections and cancer.

• The transaction amounts to €200 million, with additional milestone-based payments that could bring the total consideration to more than €700 million.

• This transaction follows, notably, the sales of ImCheck to Ipsen in 2025, Corlieve Therapeutics to uniQure, and Amolyt Pharma to AstraZeneca, and further confirms the success of Kurma Partners’ model in supporting biotech companies through to exit.

Kurma Partners, a member of the Eurazeo group, announces the acquisition of Memo Therapeutics AG by global pharmaceutical company Ipsen. Memo Therapeutics AG is a biotechnology company that leverages the unique diversity of the human immune response to develop next-generation medicines, through best-in-class antibodies targeting viral infections and cancer. The transaction amounts to €200 million, with additional payments contingent upon the achievement of certain milestones, potentially bringing the total value to more than €700 million. Kurma invested in Memo Therapeutics AG in 2024 as part of a CHF 20 million extension of its Series C round, bringing the total financing to CHF 45 million.

The proposed acquisition is focused on potravitug, a Phase II clinical-stage antibody targeting BK polyomavirus (BKPyV). BK polyomavirus-associated nephropathy is a serious and frequent complication in kidney transplant recipients, which can lead to graft loss and transplant failure. Potravitug was granted Fast Track designation by the U.S. Food and Drug Administration (FDA) in May 2023, as well as Orphan Drug designation in the European Union in December 2025.

This transaction follows a series of successful exits, including that of ImCheck—an immunotherapy company developing a new generation of antibodies targeting a range of solid and hematological cancers—to Ipsen; Corlieve Therapeutics, a company specialized in rare epilepsies, to uniQure; and Amolyt Pharma, focused on rare endocrine diseases, to AstraZeneca. It further confirms the success of Kurma Partners’ model in supporting biotech companies through to exit.

Transaction Details 

Under the terms of the agreements, Memo Therapeutics AG’s shareholders will receive a €200 million payment on a cash-free, debt-free basis upon closing of the transaction. They may also receive deferred payments subject to the achievement of specific development, regulatory, and commercial milestones, for a total potential consideration exceeding €700 million. As a condition precedent to the completion of the transaction, the assets and employees of Memo Therapeutics AG not related to potravitug will be transferred to a newly created company, Memorises Bio, which will remain owned by Memo Therapeutics AG’s shareholders.

Completion of the transaction is expected in the third quarter of 2026, subject to customary closing conditions. The impact of this proposed mid-stage acquisition has already been factored into Ipsen’s current full-year financial guidance.

Erik van den Berg, Chief Executive Officer of Memo Therapeutics AG, declared: “Today marks a major milestone in Memo Therapeutics’ journey and validates several years of scientific innovation. We are delighted that Ipsen has chosen to advance the development of this important medicine. With its recognized expertise in the development and commercialization of treatments for rare diseases, Ipsen is well positioned to enable this innovative asset to reach its full potential and make a meaningful difference in the lives of thousands of kidney transplant patients affected by BKPyV infection.”

Hadrien Bouchez, Partner at Kurma Partners, declared: “The acquisition of Memo Therapeutics by Ipsen marks the culmination of a remarkable journey. I would like to commend Erik van den Berg and the entire team for their outstanding work. We are proud to have supported this company during the extension of its Series C round. This transaction fully illustrates our commitment to backing ambitious companies capable of advancing therapeutic innovation and delivering a lasting impact on global health.“