Ipsen agreed to acquire Memo Therapeutics in a potential up-to-€700 million deal, centered on Memo’s potravitug antibody for BK polyomavirus-associated nephropathy in kidney transplant recipients. Ipsen will pay €700 million total with €200 million on closing and the remainder tied to development, regulatory, and sales milestones, with the deal expected to close in the third quarter. The antibody is positioned for patients with BKPyV infection, a serious complication that can contribute to transplant failure. Ipsen expects potravitug to enter a pivotal Phase 2/3 trial later this year, building on Phase 2 evidence reported to show viral-load suppression and resolution of biopsy-proven nephropathy in a meaningful subset of patients. The acquisition further reinforces Ipsen’s rare disease buildout strategy, while highlighting how transplant-adjacent viral therapies remain an active M&A target.