The acquisition would significantly enhance VectivBio's pipeline for rare diseases, according to the Swiss company. Comet is developing a small molecule platform for the treatment of a large group of inherited metabolic diseases that occur in approximately 1 in 800 births.

The company's technology features a stabilized coenzyme A (CoA) precursor backbone that has been shown in preclinical studies to supply functional CoA and carry tailored intermediary metabolite cargos, VectivBio said. It targets multiple groups of inherited metabolic diseases, independent of underlying genetic mutations.

Comet is currently researching four distinct programs, with plans to bring the first program to the clinic in the next 18 months, VectivBio said.

According to the terms of the deal, VectivBio will acquire Comet for equity and cash at closing, as well as additional equity or cash payments upon the achievement of certain specified future development milestones. The acquisition is expected to be completed in September, subject to customary closing conditions.