US-based biotechnology developer Adheron Therapeutics agreed on Friday to a $105m acquisition by pharmaceutical firm Roche that will allow pharmaceutical companies MedImmune, Amgen and GlaxoSmithKline (GSK) to exit.
Adheron is developing an antibody known as SDP051 that would treat inflammatory and autoimmune diseases including rheumatoid arthritis and fibrotic diseases by targeting a specific cell surface protein to disrupt immune cell adhesion.
The company has not disclosed any venture funding, apart from a $1.5m convertible note raised in July this year, but its backers include MedImmune Ventures, Amgen Ventures, and SROne, the respective corporate venturing units of MedImmune, Amgen and GSK, as well as Health Care Ventures and Partners Innovation Fund.
Roche is paying $105m for Adheron up front, with up to $475m to follow based on certain predetermined milestones. SDP051 has already passed through Phase 1 clinical trials.
Hari Kumar, Adheron’s chief executive, said: “We are very excited about this acquisition, as it is an important step towards the development of breakthrough medicines in the area of inflammation and fibrosis.
“This deal brings together Adheron’s deep understanding of the underlying science of Cadherin-11 with Roche’s vast experience in researching and developing next generation medicines. We are proud to move our promising investigational medicine to the next level and into a new home at Roche.”