AFMD - Affimed sells AbCheck unit for $6M
2024-01-03 06:44:04 ET
- Immuno-oncology company Affimed ( NASDAQ: AFMD ) announced on Wednesday a deal to sell its wholly-owned subsidiary, AbCheck.
- Founded in 2009 as a spin-out of Affimed's antibody technology discovery unit, AbCheck discovers and optimizes human antibodies leveraging several proprietary platforms including in vitro/in vivo technologies.
- The business is being acquired by biotechnology startup Ampersand Biomedicines for a purchase price of $6M. The consideration consists of $5M in cash to be paid in two tranches, and $1M in Ampersand common stock, subject to certain adjustments and a holdback.
- Affimed ( AFMD ) is also entitled to receive milestone payments from a pre-existing AbCheck partnership.
- Shares of Affimed ( AFMD ) rose 8.6% in premarket hours
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Affimed sells AbCheck unit for $6M