Ipsen agreed to acquire Memo Therapeutics for €700 million upfront, adding potravitug, a phase 2-ready antibody targeting BK virus-associated infections and nephropathy in immune-compromised kidney transplant patients. The deal is structured so Memo shareholders receive €200 million at closing and up to €500 million tied to development, regulatory and sales milestones, with most other assets and staff spun into a new entity called Memorises Bio. Potravitug is designed to prevent BK polyomavirus from infecting host cells and replicating; Ipsen expects potravitug to enter a pivotal phase 2/3 trial later this year based on earlier phase 2 results showing viral load suppression and resolution of biopsy-proven nephropathy. The acquisition continues Ipsen’s expansion of its rare disease portfolio and arrives shortly after Ipsen’s other high-value deal for a late-stage blood cancer asset.