A consortium of investors has agreed to buy US-based biotechnology company Ambrx for an undisclosed sum, giving exits to investors including pharmaceutical firms Roche and Merck Serono.
Ambrx has developed a platform for discovering optimised protein therapeutics called bio-conjugates. Its most advanced product candidate is a treatment for breast cancer that it hopes to advance into clinical trials later this year.
The buying consortium comprised pharmaceutical companies Shanghai Fosun Pharmaceutical Group and WuXi PharmaTech, private equity firm Hopu Investments, and CEL Healthcare Fund, a subsidiary of financial services firm China Everbright.
In addition, Ambrx has secured more than $200m in equity and funding connected to collaborations with pharmaceutical companies including Merck, Bristol-Myers Squibb, Eli Lilly and Agensys.
According to a regulatory filing in June last year for a prospective initial public offering, Merck held a 5.2% stake in Ambrx, and Roche Finance, a subsidiary of pharmaceutical firm Roche, 6.2%.
Other notable shareholders in Ambrx include Tavistock Life Sciences (19.3%), Maverick Capital (17.4%), Apposite Capital (9.5%), Versant Ventures (7.5%) and 5AM Ventures (6.9%).