XOMA Announces the Sale of Its Manufacturing Facilities to Agenus
November 05 2015 - 4:10PM
XOMA Corporation (Nasdaq:XOMA), a leader in the discovery and
development of therapeutic antibodies, announced today it has
agreed to sell its biologics manufacturing facilities, equipment,
and associated real estate to Agenus Inc. (Nasdaq:AGEN). The
transaction is expected to close in December 2015. In conjunction
with the transaction, Agenus will offer employment to a select team
of XOMA employees currently operating the facilities and may
provide small-scale manufacturing services for XOMA in the future.
"We welcome Agenus as our neighbor and our manufacturing
collaborator. We are very pleased our colleagues will have the
opportunity to join Agenus where they can continue their leadership
role in creating and advancing manufacturing technologies that
allow for cost-effective antibody drug development," stated John
Varian, Chief Executive Officer of XOMA. "With this transaction and
the divesture of our biodefense program to Nano therapeutics, we
will have trimmed our headcount by over 50 percent, and it will
complete our transformation to an endocrine company. We are now
laser focused on advancing our deep pipeline of endocrine assets,
particularly XOMA 358, to offer new hope to underserved patient
populations."
Under the terms of the agreement, Agenus will pay approximately
$5.0 million in cash up-front and $1.0 million in common stock. In
addition to the biologics manufacturing facility and a team of
employees associated with the program, Agenus will also gain access
to selected antibody technologies.
Concurrently, XOMA also announced it has divested its biodefense
program to Nanotherapeutics, Inc., a biopharmaceutical company
located in Alachua, FL. Nanotherapeutics will extend employment
offers to all employees associated with the program and will
prosecute related contract awards going forward. Future
opportunities for advancement of XOMA's anti-botulinum assets will
be solicited and conducted by Nanotherapeutics.
About Agenus
Agenus is an immunology company engaged in the discovery and
development of novel checkpoint modulators, vaccines and adjuvants
to treat cancer and other diseases. Using its proprietary platforms
Retrocyte Display™ and SECANT®, the Company is discovering and
developing novel antibodies to target GITR, OX40, CTLA-4, LAG-3,
TIM-3, PD-1, CEACAM1 and other undisclosed checkpoints in partnered
and internal programs. Agenus' heat shock protein vaccine,
Prophage, has successfully completed Phase 2 studies in newly
diagnosed glioblastoma multiforme. The Company's QS-21 Stimulon®
adjuvant is partnered with GlaxoSmithKline and Janssen Sciences
Ireland UC. For more information, please
visit www.agenusbio.com; information that may be important to
investors will be routinely posted on our website.
About XOMA Corporation
XOMA Corporation is a leader in the discovery and development of
therapeutic antibodies. The Company's innovative product candidates
result from the Company's expertise in developing ground-breaking
monoclonal antibodies, including allosteric antibodies, which have
created new opportunities to potentially treat a wide range of
human diseases. XOMA's scientific research has produced a
portfolio of six endocrine assets, each of which have the
opportunity to address multiple indications. The Company's lead
product candidate, XOMA 358, is an allosteric monoclonal antibody
that reduces insulin receptor activity, which could have a major
impact on the treatment of hyperinsulinism. The Company recently
initiated Phase 2 development activities for XOMA 358 in patients
with congenital hyperinsulinism. Additionally, XOMA is developing
gevokizumab (IL-1 beta modulating antibody) in an ongoing Phase 3
program enrolling patients with pyoderma gangrenosum, a rare
ulcerative skin condition. For more information, visit
www.xoma.com.
Forward-Looking Statements
Certain statements contained in this press release including,
but not limited to, statements related to anticipated timing of
clinical trials, anticipated timing of the release of clinical
data, regulatory approval of unapproved product candidates, the
anticipated process of clinical data analysis, the anticipated
success of any clinical trial, the anticipated receipt by XOMA of
royalty or milestone payments, anticipated capital reserves or
statements that otherwise relate to future periods are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These statements are based on assumptions that may not
prove accurate, and actual results could differ materially from
those anticipated due to certain risks inherent in the
biotechnology industry and for companies engaged in the development
of new products in a regulated market. Potential risks to XOMA
meeting these expectations are described in more detail in XOMA's
most recent filing on Form 10-K and in other SEC filings. Consider
such risks carefully when considering XOMA's prospects. Any
forward-looking statement in this press release represents XOMA's
views only as of the date of this press release and should not be
relied upon as representing its views as of any subsequent date.
XOMA disclaims any obligation to update any forward-looking
statement, except as required by applicable law.
CONTACT: XOMA Contacts:
Company and Investor Contacts:
Ashleigh Barreto
510-204-7482
barreto@xoma.com
Juliane Snowden
The Oratorium Group, LLC
jsnowden@oratoriumgroup.com
Media Contact:
Ryan Flinn, W2O Group
415-946-1059
rflinn@w2ogroup.com
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