Pharmaceutical firm Boehringer Ingelheim has agreed to acquire the shares in Switzerland-based cancer immunotherapy developer NBE-Therapeutics it does not already hold, in a deal that could reach €1.18bn ($1.43bn) in size.
The shares will be bought from investment group PPF Group and the rest of the company’s shareholders, which likely include pharmaceutical company Novo. The full figure includes potential clinical and regulatory milestone payments.
NBE is developing antibody-drug conjugate (ADC) therapies to treat cancer and its lead product candidate, NBE-002, is in phase 1 clinical trials. It is being developed to combat haematologic and solid malignancies, including triple negative breast cancers and lung adenocarcinoma, targeting the ROR1 cell surface receptor.
Bertrand Damour, NBE’s chief executive, said: “I am extremely proud of the NBE-Therapeutics’ team and delighted that our world class ADC expertise is being recognised by Boehringer Ingelheim. This transaction is a validation of our platform and its potential for the next generation cancer therapies.
“We look forward to progressing NBE-002, our lead programme and best-in-class anti ROR1 ADC, and to continuing the fight against cancer alongside Boehringer Ingelheim with its strong clinical development capabilities.”
NBE said in a statement announcing the deal that it was formed with backing from Boehringer Ingelheim’s investment arm, Boehringer Ingelheim Venture Fund (BIVF), as well as PPF Group and Novo.
The company raised $2.6m in seed capital before adding $3.1m in a BIVF-led series A round in 2015. BIVF subsequently joined Novo and PPF subsidiary PPF Capital Partners Fund in a series B that closed at $40.2m in mid-2018, before co-leading a $22m series C with PPF Group in January this year.
