Drug discovery and development firm Evotec has agreed to acquire Just Biotherapeutics, a US-based protein therapeutics developer backed by pharmaceutical companies Eli Lilly and Merck & Co, for up to $90m.
Just Bio is developing technology intended to reduce the costs associated with designing, developing and manufacturing of biologics. Its research and development platform, J.Design, is a machine learning-based tool used to select molecules for further development.
The company also offers a platform that assists with the development of drug manufacturing processes, as well as technology that facilitates larger-scale manufacturing of clinical and commercial stage biologics.
The potential acquisition price includes potential performance-based earnings that will be measured out over the next three years. The deal is set to be completed by the end of next month.
The purchase will expand Evotec’s drug discovery and development business to include biologics in areas such as oncology, central nervous system disorders, pain, inflammation, metabolics and infectious diseases.
Bill & Melinda Gates Foundation led a $14m series A2 round for the company in 2016. Lilly Asia Ventures, a corporate venturing subsidiary of Eli Lilly, also took part in the round along with Merck and Arch Venture Partners, all three having previously backed a $15m round in 2015.