US-listed drugs group Amgen has agreed to acquire Rodeo Therapeutics, a US-based small-molecule therapy developer for tissue, for up to $721m.
Amgen will pay an initial $55m and up to $666m in cash subject to milestones.
In July 2017, Rodeo raised $5.9m in series A financing from investors including pharmaceutical firms AbbVie, Eli Lilly, Johnson & Johnson and WuXi AppTec.
AbbVie and Johnson & Johnson participated in the round through their respective corporate venturing units: AbbVie Ventures andJohnson & Johnson Innovation – JJDC.
The round also featured Alexandria Venture Investments, the venture capital vehicle for real estate investment trust Alexandria Real Estate Equities, investment manager Accelerator Corporation, Arch Venture Partners, Watson Fund and WRF Capital.
Rodeo is developing small-molecule therapies, including its lead 15-prostaglandin dehydrogenase (15-PGDH) modulators, that will help regenerate and repair various types of tissue, for use in dealing with conditions such as ulcerative colitis and, for haemopoietic recovery after bone marrow transplants.
The technology is based on research conducted at Case Western Reserve University and University of Texas Southwestern Medical Center.
Cooley acted as legal adviser to Rodeo and Gunderson Dettmer acted for Amgen.
