Aduro Biotech to Purchase BioNovion
News Sep 28, 2015
Such immune checkpoint inhibitors could potentially be used alone or in combination with Aduro's LADD and CDN platforms to increase immunotherapy potency and durability. In addition, BioNovion has a rich pipeline of novel preclinical monoclonal antibodies which inhibit or activate unique immune response pathways that have a role in controlling the progression of diverse malignancies. BioNovion has developed a proprietary technology to rapidly produce a broad library of therapeutic antibodies against validated targets, including PD1 and CTLA-4, as well as several undisclosed novel targets. Also, BioNovion's pipeline includes an APRIL antagonist and five bispecific antibody programs against immune-oncology targets under collaboration with Genmab usingGenmab's proprietary DuoBody Technology.
"Through this acquisition, we gain access to another immunotherapy platform to enhance our portfolio and potential offerings to patients," said Stephen T. Isaacs, chairman and chief executive officer of Aduro. "Antibodies, particularly immune checkpoint inhibitors, are complementary to our existing immune stimulating technologies with LADD and CDNs. Having these capabilities provides another dimension to our company and uniquely positions us in the immunotherapy field. We are especially pleased to gain the expertise of the founding scientists at BioNovion who have a proven track record in the field of antibody discovery and development, including the discovery of anti PD-1 immune checkpoint inhibitor pembrolizumab earlier in their careers."
"We believe the cutting edge immuno-oncology research and development at Aduro is a perfect complement to our efforts at BioNovion. We envision the blend of our culture and technologies will produce new and powerful combination approaches to treat cancer and other diseases," said Andrea van Elsas, chief scientific officer of BioNovion.
Hans van Eenennaam, chief operating office of BioNovion added, "Both companies operate in a strong academic network in an entrepreneurial culture. We are excited to become a part of their team, to broaden our impact and to accelerate our efforts of getting new compounds into the clinic."
BioNovion specializes in immune oncology antibody discovery. The company's B-cell selection platform enables full and highly effective exploration of immunoglobulin diversity. In a unique combination with functional screening, the platform has successfully developed leading antibody candidates. In close collaboration with world-class cancer institutes, such as the Dutch Cancer Institute, NKI-AVL in Amsterdam, and the Dana-Farber Cancer Institute in Boston, MA, BioNovion is validating the therapeutic potential of its innovative antibodies in immune oncology.
Upon close of the transaction, Aduro plans to maintain BioNovion's current 24-person operations as a subsidiary of Aduro in Pivot Park, Oss, the Netherlands, Drs. Andrea van Elsas and Hans van Eenennaam, BioNovion's chief scientific officer and chief operating officer respectively, will retain the same titles of the subsidiary.
Under the terms of the agreement, Aduro will pay BioNovion 14.5 million Euro in cash and 14.5 million Euro in Aduro stock. In addition, BioNovion shareholders are eligible to receive payments upon the completion of specific regulatory milestones. The transaction is subject to certain closing conditions, which are expected to conclude in October 2015.