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August 31, 2018

Deals this week: Affimed, LEO Pharma, Harbour BioMed

Affimed has entered an agreement with Roche Group’s subsidiary Genentech for the development and commercialisation of immuno-therapeutics for multiple cancer targets.

Affimed has entered an agreement with Roche Group’s subsidiary Genentech for the development and commercialisation of immuno-therapeutics for multiple cancer targets.

Under the agreement, Affimed will receive $96m in funding from Genentech in addition to an upfront fee, as well as royalty payments upon commencement of sales of the drugs.

Affimed and Genentech will focus on the development of natural killer (NK) and T-cell cancer therapeutics through the former’s Redirected Optimized Cell Killing (ROCK) platform technology.

Based in Germany, Affimed is engaged in the discovery and development of cancer immunotherapies, while Genentech is a US-based biotechnology company that manufactures medicines for unmet medical needs.

The partnership will enable both companies to discover and develop immunotherapies based on innate immune cell engagers.

Valued up to $5bn, the deal is expected to be closed in the third quarter of 2018, subject to customary closing conditions.

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LEO Pharma will develop and commercialise a novel atopic dermatitis drug designated JW1601, under a licensing agreement signed with JW Pharmaceutical.

“LEO Pharma will develop and commercialise a novel atopic dermatitis drug designated JW1601, under a licensing agreement signed with JW Pharmaceutical.”

LEO Pharma will gain global rights to JW1601, while JW Pharmaceutical will retain the rights of the drug in South Korea, as per the agreement.

Developed by JW Pharmaceutical’s affiliate C&C Research Laboratories, JW1601 is indicated for the treatment of atopic dermatitis.

LEO Pharma will pay $17m in upfront payment and $385m in milestone payments to JW Pharmaceutical. The latter will also receive royalty payments, upon commercialisation of the drug.

Based in Denmark, LEO Pharma is a pharmaceutical company that develops drugs for dermatologic disorders, while JW Pharmaceutical is a South-Korean developer of pharmaceuticals for cardiovascular, gastrointestinal, urinary and rheumatic arthritis disorders.

Harbour BioMed has raised $85m through a series B financing round from GIC Private Limited, a sovereign wealth fund based in Singapore.

New investors such as China Life Private Equity Investment Company and Vertex Ventures, and series A investors AdvanTech and Legend Capital also participated in the round.

Based in China, Harbour BioMed is a biotechnology company focused on the development of cancer therapeutics.

The company plans to use the funds to accelerate the development of its innovative therapeutic products pipeline, which includes clinical and discovery stage programmes.

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