Agenus Enters into Definitive Agreement to Acquire Privately Held 4-Antibody AG
January 13 2014 - 7:00AM
Business Wire
- 4-Antibody has a powerful platform for
rapid discovery and optimization of fully-human antibodies against
a wide array of molecular targets
- Lead programs target six immune
checkpoint molecules
- Checkpoint antibodies have produced
unprecedented results against a variety of cancers affecting a
large number of patients
- Collaborations with the Ludwig
Institute for Cancer Research and Memorial Sloan-Kettering Cancer
Center
Agenus Inc. (NASDAQ: AGEN), a biotechnology company developing
novel immune system activating treatments for cancers and
infectious diseases, today announced that it has entered into a
definitive agreement to acquire 4-Antibody AG, a private
European-based biopharmaceutical company. 4-Antibody has a
technology platform for the rapid discovery and optimization of
fully-human antibodies against a wide array of molecular targets of
interest. These targets include checkpoint molecules that regulate
immune response to cancers and other diseases. The company has
multiple preclinical immune checkpoint antibody programs targeting
numerous checkpoint molecules, including GITR and OX40, as well as
four additional undisclosed checkpoint programs. These checkpoint
programs are being pursued through a strategic collaboration with
the Ludwig Institute for Cancer Research and Memorial
Sloan-Kettering Cancer Center (MSKCC) in New York.
Checkpoint-targeting antibodies have produced unprecedented
clinical results in various cancers, such as melanoma, renal cell
carcinoma and non-small cell lung cancer (NSCLC). There is also a
growing interest in combining checkpoint-targeting antibodies with
other immune stimulating agents.
Under the terms of the agreement, Agenus has agreed to acquire
all of the outstanding stock of 4-Antibody for an initial payment
of $10 million in shares of Agenus common stock, plus additional
contingent payments, payable in cash or Agenus common stock, that
may exceed $40 million based on the combined company achieving
certain milestones. The transaction is expected to be completed by
the end of February 2014, subject to customary closing
conditions.
Agenus intends to maintain 4-Antibody’s current operations in
Basel, Switzerland and Jena, Germany, and to retain the 4-Antibody
management team as part of the combined company. In addition,
Shahzad Malik, M.D., General Partner at Advent Venture Partners,
4-Antibody’s largest investor, will be appointed to Agenus’ Board
of Directors upon the closing.
“This acquisition will initially provide Agenus with two leading
edge checkpoint antibody programs targeting GITR and OX40 as well
as programs targeting numerous additional checkpoint molecules,”
said Garo Armen, Ph.D., CEO and chairman of Agenus. “With these
assets, we will be uniquely positioned to pursue cancer
immunotherapy with a broad portfolio of innovative approaches.
Furthermore, we will gain a flexible platform for rapid discovery
and optimization of fully-human antibodies against a wide array of
molecular targets of interest.”
4-Antibody is in collaboration with leading institutions such as
the Ludwig Institute for Cancer Research and MSKCC, and corporate
collaborations include Brazil based Recepta Biopharma. The company
is in discussions for additional potential corporate
partnerships.
“The translational expertise of the Ludwig Institute and MSKCC,
coupled with 4-Antibody’s powerful antibody discovery platform, has
allowed us to generate a robust product pipeline of programs in the
fast moving immune checkpoint field. Agenus’ extensive experience
in pre-clinical and clinical development of immunotherapies
provides a unique combination of resources for the speedy
development of these programs,” said Robert Burns, Ph.D, CEO of
4-Antibody.
About Checkpoint Antibodies
Considerable recent interest in the field of cancer
immunotherapy has been generated by promising clinical data with
monoclonal antibodies that bind to checkpoint molecules, such as
cytotoxic T lymphocyte antigen-4 (CTLA-4) and programmed death
receptor-1 (PD-1). Blocking these checkpoint molecules unlocks the
braking mechanism that gets in the way of immune cells attacking
cancer cells.
Other checkpoint molecules, such as GITR and OX40, act to
stimulate immune function. 4-Antibody has cutting edge programs to
discover and develop fully human or humanized monoclonal antibodies
that act as agonists for GITR or OX40 signaling.
About Agenus
Agenus Inc. is a biotechnology company developing treatments for
cancers and infectious diseases. The company has multiple
immunotherapeutic products in its clinical development portfolio.
Through partnerships involving its QS-21 Stimulon adjuvant, there
are 21 candidates in clinical development. These include four late
stage Phase 3 programs with GlaxoSmithKline. For more information,
please visit www.agenusbio.com, or connect with the company on
Facebook, LinkedIn, Twitter and Google+.
About 4-Antibody AG
4-Antibody has developed a powerful fully-human antibody
drug-discovery and optimization technology platform which it is
utilizing to generate a novel pipeline of antibody therapeutic
candidates. The company’s proprietary discovery engine Retrocyte
Display® generates high quality therapeutic antibody drug
candidates quickly using a high-throughput approach incorporating
full-length IgG format human antibody libraries expressed in
mammalian B-lineage cells. 4-Antibody is a private company located
in Basel, Switzerland and Jena, Germany. For more information
please visit: www.4-antibody.com
Forward-Looking Statement
This press release contains forward-looking statements,
including without limitation, statements regarding the proposed
acquisition of 4-Antibody, the potential effects that the
acquisition of 4-Antibody may have on the business of the Company,
and the ability of 4-Antibody platform to generate product
candidates and their potential application in the prevention and
treatment of diseases. These forward-looking statements are subject
to risks and uncertainties that could cause actual results to
differ materially. These risks and uncertainties include, among
others, the factors described under the Risk Factors section of our
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission for the period ended September 30, 2013. Agenus
cautions investors not to place considerable reliance on the
forward-looking statements contained in this release. These
statements speak only as of the date of this document, and Agenus
undertakes no obligation to update or revise the statements. All
forward-looking statements are expressly qualified in their
entirety by this cautionary statement. Agenus’ business is subject
to substantial risks and uncertainties, including those identified
above. When evaluating Agenus’ business and securities, investors
should give careful consideration to these risks and
uncertainties.
Agenus Inc.Jonae R. Barnes, 617-818-2985Vice PresidentInvestor
Relations and Corporate
Communicationsjonae.barnes@agenusbio.com
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