Date: 2014-08-25
Type of information: Company acquisition
Acquired company: Covagen (Switzerland)
Acquiring company: Cilag GmBH, affiliate of Janssen Pharmaceuticals, a J&J company (USA - NJ)
Amount: undisclosed
Terms: * On August 25, 2014, Cilag GmbH International has acquired Covagen AG, a privately-held, biopharmaceutical company specializing in the development of multispecific protein therapeutics through the FynomAb® technology platform. The opportunity was identified and facilitated through the Johnson & Johnson Innovation Center in London. Covagen will maintain a research presence in Zurich-Schlieren, Switzerland, and will continue to focus on the further development and application of the Fynomer technology. Financial terms of the transaction have not been disclosed.
Details: Covagen develops FynomAbs, multi-specific protein therapeutics, by fusing its fully human Fynomer binding proteins to antibodies. Fynomers are small binding proteins engineered to bind to target molecules with the same affinity and specificity as antibodies. The tailored architecture and novel mode of action of FynomAb therapeutics may offer enhanced efficacy in the treatment of a broad range of inflammatory diseases and other conditions. Its lead product, COVA 322, a bispecific anti-tumor necrosis factor (TNF)-alpha/anti-interleukin (IL)-17A FynomAb, is in Phase 1b study for psoriasis and holds potential as a treatment for a broad range of inflammatory diseases including rheumatoid arthritis. Covagen was co-founded in 2007 by Julian Bertschinger, Ph.D., and Dragan Grabulovski, Ph.D. as a spin-off company of ETH Zurich, Switzerland. The company has recently secured a Series B financing round raising the total to CHF 44.9 million. The financing includes the participation of Ascent Biomedical Ventures, Baxter Ventures, Novartis Venture Fund, Edmond de Rothschild Investment Partners, Seroba Kernel Life Sciences, Ventech and MP Healthcare Venture Management.
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