- Purple Biotech ( NASDAQ: PPBT ) is trading ~10% higher after it agreed to acquire a private firm developing oncology therapies Immunorizon to expand its portfolio.
- Purple Biotech will acquire 100% of the shares of Immunorizon, VC-backed biopharmaceutical company, in exchange for an aggregate upfront payment of $3.5M in cash and an aggregate $3.5M in American Depository Shares (ADSs). Regulatory and sales milestones are set at an aggregate amount of $94M, with royalties of low single digit out of net sales.
- The acquisition will provide Purple with an expanded portfolio of investigational tri-specific antibody compounds that target multiple antigens.
- Immunorizon’s lead asset specifically targets the Tumor Associated Antigen (TAA) 5T4, that is expressed in a variety of solid tumors and is correlated with advanced disease, increased invasiveness and poor clinical outcomes.
- The acquisition will also provide Purple Biotech with additional preclinical assets targeting other TAAs through this technology platform.
For further details see:
Purple Biotech rises 10% on acquisition of cancer therapy developer Immunorizon