US-based immunotherapy developer Kleo Pharmaceuticals has been acquired by one of its investors, biopharmaceutical company Biohaven, for an undisclosed amount in an all-share deal valuing it at approximately $20m.
Founded in 2015, Kleo is working on immunotherapies that target cancerous and virally infected cells. It has treatments in development for conditions including multiple myeloma and covid-19.
The company emerged out of the laboratory of David Spiegler at Yale University. It has executed an exclusive licence with Yale for a separate technology developed in the same lab called extracellular degrader.
Kleo will henceforth operate as Biohaven Labs and serve as Biohaven’s integrated chemistry and discovery research arm. It will maintain a range of existing partnerships, including one with another biopharmaceutical company and investor, PeptiDream, focused on immuno-oncology.
PeptiDream led a $21m series B round for Kleo in late 2018 that included Biohaven. The latter had already contributed to a series A round that closed at $13.5m earlier the same year, according to a regulatory filing.
The original version of this article appeared on our sister site, Global University Venturing.