PTC Therapeutics won a $211 million bankruptcy auction for Sangamo’s ST-920 (isaralgagene civaparvovec), a one-time AAV gene therapy candidate for Fabry disease. The winning bid includes $111 million in upfront payments plus $100 million tied to regulatory milestones, according to deal terms. Sangamo’s program targets alpha-galactosidase A restoration to address the enzyme deficiency underlying Fabry disease and the resulting organ damage. In the Phase I/II STAAR study, participants on enzyme replacement therapy at baseline discontinued treatment following dosing, setting up a key readout on sustained biochemical and clinical benefit. For PTC, the acquisition is positioned as a way to add a late-stage commercial-ready rare disease asset without building new development or commercialization infrastructure immediately. The company also linked the move to its broader objective of reaching cash-flow break-even in 2026. The transaction underscores how distressed asset sales are still delivering gene-therapy opportunities to operators with existing rare-disease commercial platforms, even as sponsors consolidate around narrower indications and financing discipline.