Chord Therapeutics

The company was founded in 2014 by Dr. Arthur Roach, who identified the potential of cladribine to address significant unmet needs in rare autoimmune disorders. Dr. Roach has a background in neurodegenerative disease research, previously serving as Senior Director at Serono (now Merck). The company officially launched in October 2020, securing a USD 16 million Series A financing exclusively from healthcare investor Omega Funds. This funding propelled the company into its next phase of clinical development. The management team was led by CEO Tom Plitz, who brought experience from his prior role as Chief Scientific Officer at Wilson Therapeutics, another rare disease-focused company.

Chord's primary business strategy centers on de-risking drug development. It identifies active substances with well-documented safety and pharmacology profiles and applies them to new indications where there is a strong scientific rationale. This approach significantly lowers development risk and timelines. The company operates on a lean, virtual biotech model, outsourcing clinical development services to specialized vendors to maintain agility and cost-efficiency.

The company's lead asset was CRD1, an oral formulation of cladribine. Cladribine is a well-understood molecule known for selectively targeting B and T lymphocytes, which are key drivers in autoimmune diseases. Chord aimed to develop CRD1 for two primary indications: generalized Myasthenia Gravis (gMG) and Neuromyelitis Optica Spectrum Disorder (NMOSD), both of which are severe, life-threatening orphan diseases. The U.S. FDA had granted CRD1 orphan drug designation for these conditions.

In December 2021, just over a year after its official launch, Chord Therapeutics was acquired by Merck. The acquisition provided a strategic expansion of Merck's neurology pipeline, building on its existing expertise with cladribine in multiple sclerosis. The transaction, which closed in early 2022, enabled Merck to take over and accelerate the development of oral cladribine for gMG and NMOSD, leveraging its extensive resources to bring the potential therapy to patients faster.