Date: 2013-10-15
Type of information: Company acquisition
Acquired company: Spirogen (UK)
Acquiring company: MedImmune (USA - global biologics arm of AstraZeneca (UK)
Amount: up to $240 million (€177.2 million)
Terms: * On October 15, 2013, AstraZeneca has announced that MedImmune, its global biologics research and development arm, has acquired Spirogen, a privately-held biotech company focused on antibody-drug conjugate technology for use in oncology. MedImmune will acquire 100 per cent of Spirogen’s shares for an initial consideration of $200 million and deferred consideration of based on reaching predetermined development milestones. Existing out-licensing agreements and associated revenue streams are excluded from this acquisition.
MedImmune has also entered into collaboration agreement with ADC Therapeutics to jointly develop two of ADC Therapeutics’ antibody-drug conjugate programmes in preclinical development. MedImmune will also make an equity investment in ADC Therapeutics, which has an existing licensing agreement with Spirogen. MedImmune will also pay $20 million for an equity investment in ADC Therapeutics, which will be matched by Auven Therapeutics, the majority shareholder in both ADC Therapeutics and Spirogen.
Details: Spirogen is a clinical stage biotechnology company specialising in sequence-selective, DNA minor groove-binding molecules with potent therapeutic properties. Spirogen's principal technology involves modification of members of a group of naturally occurring antibiotics called pyrrolobenzodiazepines (PBDs). The company was founded in 2000. Its lead oncology drug candidate, SG2000, has completed solid tumour Phase I studies in the USA (through the NCI) and Europe (through Cancer Research UK). SG2000 is a small molecule which spans six base pairs of DNA in the minor groove, inducing DNA cross links, and is currently undergoing clinical development in refractory solid tumors and hematological malignancies under a CRADA (Cooperative Research And Development Agreement) with the Division of Cancer Treatment and Diagnosis as supported by NIH U01 CA099177 and M01 RR00095 grants. The agent belongs to an entirely new class of DNA minor groove binding agents designed to minimize detection of the induced DNA lesions by the DNA repair machinery and encouraging clinical results have been reported in refractory solid tumors cancer at recent ASCO meetings. A number of Spirogen’s highly potent antineoplastic molecules are under development and evaluation with pharmaceutical companies as candidates for development as warheads in antibody drug conjugate (ADC) therapies. Spirogen also has its own active program of ADC warhead and linker development. The company also works closely with ADC Therapeutics sarl in the development of its ADCs. It has entered into licensing agreement with ADC Therapeutics sarl for the provision of PBD warhead and linker technology and associated services for antibody drug conjugate (ADC) development. Spirogen has also entered into evaluation agreements with several companies for PBD-based warhead development for antibody drug conjugate (ADC) therapies (Genentech, Ablynx)
Related: Cancer - Oncology
antibody drug conjugate (ADC)
