Pfizer has snapped up the remaining stake in privately-held, US gene therapy group Bamboo Therapeutics in a deal that could be worth as much $645 million.
The US drugs giant already owned around 22 percent of the firm’s fully diluted equity, and has now acquired the remainder for an upfront payment of $150 million.
Under the deal, Bamboo’s selling shareholders will also be eligible for potential milestone payments of up to $495 million contingent upon the progression of key assets through development, regulatory approval and commercialisation.
The move significantly ramps up Pfizer’s expertise in gene therapy, with the addition of clinical and several preclinical assets that complement its own rare disease portfolio, an advanced recombinant Adeno-Associated Virus (rAAV) vector design and production technology, and a fully functional Phase I/II gene therapy manufacturing facility.
“The field of gene therapy research has made tremendous strides in recent years, and we are pleased to be able to further enhance our leadership position in this area through this transaction with Bamboo,” said Mikael Dolsten, president of Pfizer Worldwide R&D.
“We believe that gene therapy may hold the promise of bringing true disease modification for patients suffering from devastating diseases, and we hope to see this promise come to fruition – through new and existing in-house capabilities and potential partnership opportunities – in the years to come.”
Rare diseases impact 350 million patients worldwide and, although more than 7,000 known have been identified, only five percent have an approved medication.
By Selina McKee
Source: Pharma Times
The Food and Drug Administration’s top scientist Namandjé Bumpus will assume the role of principal deputy commissioner when longtime agency leader Janet Woodcock retires from that role in early 2024, according to an announcement Thursday.
US biopharma AbbVie has agreed to acquire ImmunoGen in a deal which values the company at about $10.1 billion and gives AbbVie access to flagship cancer therapy Elahere (mirvetuximab soravtansine-gynx), a first-in-class antibody-drug conjugate (ADC) approved for platinum-resistant ovarian cancer (PROC), as well as a pipeline of promising next-generation ADCs.
EUROAPI today announced the appointment of David Seignolle as Chief Operating Officer, succeeding Eric Berger, and Marion Santin as Chief Legal, Compliance, and IP Officer, both joining the company’s Executive Committee. In his new role, David Seignolle will lead the transformation of the Industrial Operations organization.