Ipsen agreed to acquire Memo Therapeutics AG for up to €700 million to expand its rare-disease pipeline with potravitug, Memo’s Phase II clinical-stage monoclonal antibody targeting BK polyomavirus associated nephropathy in kidney transplant recipients. Under the terms, Memo shareholders will receive €200 million upfront plus additional payments tied to development, regulatory, and sales milestones. Potravitug already holds US FDA fast track designation (granted in 2023) and an EU orphan drug designation granted in December 2025, with the Phase II program listed under NCT05769582. Ipsen said the deal supports its strategy of sourcing external innovation across oncology, rare disease, and neuroscience. The company also described the biologic and clinical burden of BKPyV—reported as positive in ~90% of kidney transplant recipients, with elevated viral levels in about a third within the first year—linking potravitug to a key gap in transplant success and graft outcomes. The acquisition followed Ipsen’s additional recent M&A activity, signaling continued focus on late- and mid-stage rare-disease assets.