9th Oct 2015 14:07
(Correcting that Adheron is a customer of Abzena.)
LONDON (Alliance News) - Life sciences company Abzena PLC Friday noted the acquisition of Adheron Therapeutics, one of its customers which uses its technology in its products, by Swiss global health-care company Roche.
"The acquisition of Adheron by a major pharma company is great endorsement and validation of our Composite Human Antibody approach for creation of fully humanised therapeutic antibodies," said Chief executive John Burt.
Adheron was a privately held biotechnology company developing SDP051, a product that disrupts cell adhesion which can potentially be used to treat inflammatory and autoimmune diseases such as rheumatoid arthritis and fibrotic disease.
SDP051 was fully humanised using Abzena's Composite Human Antibody technology. Adheron has completed a Phase I study of SDP051 and the product was shown to be safe and well-tolerated. Further development of SDP051 will be pursued by Roche, said Abzena.
"This is also the third time we have seen the acquisition of a biotech company, pursuing products created through the application of our technology to improve their clinical profile," said Burt.
Under the terms of the agreement, Adheron's shareholders will receive an upfront cash payment of USD105 million, plus additional contingent payments of up to USD475 million based on achievement of certain predetermined milestones. The transaction is subject to customary closing conditions and anticipated to close shortly.
Abzena shares were trading flat on Friday afternoon at 71.0 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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