By acquiring privately held Cadent Therapeutics Inc., Novartis AG gains full rights to Cadent’s allosteric modulator program, part of which the two companies began collaborating on in 2015, and all the company’s outstanding stock. Cambridge, Mass.-based Cadent will receive as much as $770 million, $210 million of it up front, plus $560 million in milestones.
The licensing deal with Glaxosmithkline plc (GSK) gives Surface Oncology Inc. “enough cash to take us through the next three years” and plenty of flexibility to continue its internal work, CEO Jeff Goater told BioWorld. GSK, of London, is gaining exclusive worldwide development and commercial rights to Cambridge, Mass.-based Surface’s preclinical program with SRF-813.
Alphatec Holdings Inc. has renewed a commitment to buy Eos Imaging SA, saying it will now pick up the company for $79.7 million, plus the retirement of $37.2 million in debt, in an all-cash deal. Both company’s boards have approved the execution of a tender offer agreement, through which Carlsbad, Calif.-based Alphatec will launch a cash tender offer for all the issued and outstanding shares and convertible notes of Eos imaging for a total purchase price of $116.9 million.
HONG KONG – Hummingbird Bioscience Pte. Ltd. is collaborating with artificial intelligence (AI) company Tempus Labs Inc. to advance HMBD-001, a differentiated anti-HER3 neutralizing antibody developed using Hummingbird's Rational Antibody Discovery platform, into clinical trials in HER3-driven cancers, including those that harbor neuregulin 1 (NRG1) fusions.
Integra Lifesciences Holdings Corp. has entered a definitive agreement to acquire regenerative medicine-focused Acell Inc. for an up-front cash payment of $300 million and up to an additional $100 million upon the achievement of certain revenue growth milestones. The deal is expected to close in the first quarter of 2021, subject to the satisfaction of customary conditions. It also comes almost three months after London-based Smith+Nephew plc said it was going to pick up the extremity orthopedics business of Integra for $240 million in cash.
HONG KONG – Overland Pharmaceuticals Inc., a company created to bring innovative medicines to China, this week revealed the formation of two joint ventures intended to deliver on that mission, one with ADC Therapeutics SA and another with Allogene Therapeutics Inc.
Prevail Therapeutics Inc. won't be prevailing on its own. Eli Lilly and Co. is acquiring the gene therapy company for $880 million up front plus an earn-out of up to $160 million if Lilly can gain regulatory approval for at least one of Prevail's drugs.
With a $39 billion offer in hand, Alexion Pharmaceuticals Inc. is the target of what could be the third largest takeover to date of a pure play biotech company. At a 45% premium, the proposed transaction, which is expected to close in the third quarter of 2021, is largely applauded by analysts who point to three years of languishing stock prices despite the promise of the Boston-based company’s C5 complement franchise and a sturdy pipeline.
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