RHHBY - Week In Review: Abpro Bio Signs $1.1 Billion Deal For China-Asian Rights To 2 Bi-Specifics
Deals and Financings
Abpro Bio, a Korean company, announced a $1.1 billion agreement to acquire Asian rights (including China) to two bi-specific antibody candidates being developed by Abpro of Boston. Abpro Bio, known previously as Ugint (KOSDAQ:195990), manufactures precision machine tools and was not involved in biopharma. It made a $30 million equity investment in Abpro and will be responsible for more than $1 billion in milestones and royalties. ABP-100 targets HER2 and CD3 to treat HER2+ solid tumors. ABP-201, with an angiogenesis mechanism, targets VEGF and ANG2 to treat vascular diseases of the eye.