In February, Biogen Inc. (NASDAQ: BIIB) completed the previously announced spin-off of its global hemophilia business. The new company, known as Bioverativ (NASDAQ: BIVV), is an independent, publicly traded global biotechnology company focused on hemophilia and other rare blood disorders.

Bioverativ went on to announce the largest biotech deal of May 2017. On May 22, it acquired privately held True North Therapeutics for an upfront payment of $400 million plus assumed cash. True North investors are eligible to receive additional payments of up to $425 million contingent on the achievement of future development, regulatory and sales milestones of its lead product.

Based in San Francisco, True North is a clinical-stage rare disease biotechnology company. Its lead product candidate, TNT009, was granted breakthrough therapy designation by the Food and Drug Administration in May, for the treatment of hemolysis in patients with primary cold agglutinin disease (CAD).

Plans for a full clinical development program for TNT009 are underway. CAD is a rare and chronic hemolytic condition that often leads to severe anemia, requiring numerous transfusions, and can result in life-threatening thrombotic events. CAD occurs in approximately 16 people per million globally, with no approved therapies for the condition.