Two new notable biotech/biopharma acquisitions were reported this week: Athenex has acquired Kuur Therapeutics, while Altasciences has acquired preclinical CRO Calvert Laboratories.
Two new notable biotech/biopharma acquisitions were reported this week: global biopharmaceutical company Athenex has acquired immunotherapy company Kuur Therapeutics, while contract research organization (CRO) Altasciences has acquired preclinical CRO Calvert Laboratories.
In its quest to develop novel cancer treatments, Athenex has acquired Kuur Therapeutics, a company that develops off-the-shelf CAR-NKT cell immunotherapies for solid and hematologic malignancies. Athenex’s Chief Executive Officer, Dr. Johnson Lau, said in a statement that the acquisition of Kuur’s technology could represent a turning point for the company, allowing it to become a leader in cell therapy. “This platform also has the potential to provide synergies with other assets in our pipeline,” said Lau.
According to the acquisition’s terms, Athenex has agreed to provide an upfront payment of $70 million to shareholders and certain former employees and directors of Kuur. This payment will consist mainly of equity in Athenex’s common stock. Kuur Shareholders and former employees and directors will also be eligible for up to $115 million in milestone payments, provided by Athenex in cash, additional common stock, or both.
The acquisition will combine Athenex’s TCR program with an NKT cell platform developed by scientists at the Baylor College of Medicine and Texas Children’s Hospital. Ultimately, it’s hoped that the two companies’ combined knowledge will accelerate the advancement of effective treatments for solid and hematologic cancers. “CAR-NKT cells offer a distinct set of advantages over other immune effector cells commonly used for cell therapy,” stated Kuur’s CEO Kevin S. Boyle, Sr.
Altasciences’ acquisition of Calvert Laboratories, announced Wednesday, will combine the latter’s East Coast operations with the former’s preclinical West Coast operations. Altasciences’s Co-Chief Operating Officer, Steve Mason, said in a statement that the acquisition of Calvert will build on the Altasciences’ current preclinical, small-molecule expertise while adding effective study capabilities in pharmacology, ophthalmology, and carcinogenicity. Financial details of the acquisition were not made publicly available.
Altasciences’ CEO, Chris Perkin, added the new acquisition was part of the company’s strategic growth plan designed “to provide a comprehensive, fully integrated early phase drug development solution, while addressing the ever-changing outsourcing challenges of biopharmaceutical companies across the globe.”
Back in late March, Audax Private Equity announced the sale of Altasciences to Novo Holdings. In 2017, Audax invested in Altasciences in an effort to pursue acquisitions within the industry.
Following this investment from Audax, Altasciences completed three acquisitions. At that time, Abhijeet Lele, Senior Partner, Novo Holdings’ Head of Principal Investments in the U.S., noted the sale would make Altasciences “well-positioned to capture share in the fast-growing market for drug development services.”
