Merck completed the acquisition of Calporta from Avalon-backed COI for $576m.

Merck, a pharmaceutical company, completed the acquisition of Calporta Therapeutics, a pharmaceutical and therapeutic firm from Avalon Ventures-backed COI Pharmaceuticals for $576m. Calporta develops small molecule agonists of transient receptor potential cation channel, mucolipin subfamily, member 1 (TRPML1) to treat lysosomal storage diseases and neurodegenerative disorders. "This agreement with Merck is an important milestone towards the rapid development of a novel therapeutic approach that could help millions of people with degenerative disorders caused by the toxic accumulation of proteins, fats, or other cellular macromolecules,” Sanford J. Madigan, Calporta CEO.