Pharmaceutical firm Grifols completed the acquisition of one of its portfolio companies, US-based antibody drug developer GigaGen, for $80m yesterday.
Founded in 2010, GigaGen is developing antibody drug treatments for immune deficiency, infectious diseases and cancers. Its technology platform is based on antibodies acquired from millions of immune system cells supplied by donors.
The company’s lead product candidate, GIGA-2050, is an antibody treatment for covid-19 that is expected to undergo a phase 1 trial later this year.
Grifols paid $35m through its Grifols Innovation and New Technology for a 44% stake in Gigagen in 2017. It acquired another portfolio company, Alkahest, for $146m in September 2020.
Víctor Grífols Deu, co-chief executive of Grifols, said: “We are further strengthening our innovation strategy by investing in solid projects, such as Alkahest and now GigaGen, with the aim of helping patients live longer and better lives.
“Projects like these support our long-term vision and have high potential to bolster our corporate growth and business fundamentals.”