Aduro Biotech to acquire Netherlands-based BioNovion

Aduro will pay $14.5M Euro in cash and an equal amount in Aduro stock for the copmany

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BERKELEY, Calif. & OSS, The Netherlands—Aduro Biotech Inc. has established a definitive agreement with BioNovion Holding B.V. under which it will acquire the privately held company, which focuses on monoclonal antibody discovery and development.
Per the agreement, Aduro will pay BioNovion 14.5 million Euro in cash (approximately $16.2 million) and 14.5 million Euro in Aduro stock. BioNovion shareholders are also eligible to receive milestone payments should specific regulatory milestones be reached. The deal is subject to certain closing conditions, and is expected to close this October. Following the conclusion of the acquisition, BioNovion's current operations will be maintained as a subsidiary of Aduro, with Drs. Andrea van Elsas and Hans van Eenennaam, BioNovion's chief scientific officer and chief operating officer respectively, retaining those positions.
"Through this acquisition, we gain access to another immunotherapy platform to enhance our portfolio and potential offerings to patients," Stephen T. Isaacs, chairman and CEO of Aduro, noted in a press release. "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."
BioNovion brings with it a pipeline of novel preclinical monoclonal antibodies that inhibit or activate unique immune response pathways that play a role in controlling the progression of different malignancies. Included in those is an APRIL antagonist and five bispecific antibody programs against immune-oncology targets under collaboration with Genmab utilizing Genmab's proprietary DuoBody technology. BioNovion's proprietary technology enables the rapid production of a broad library of therapeutic antibodies against validated targets, including PD1 and CTLA-4, as well as additional undisclosed novel targets.
BioNovion employs a B-cell selection platform that enables full, highly effective exploration of immunoglobulin diversity, and the company has validated the therapeutic potential of its antibodies in collaboration with organizations such as the Dutch Cancer Institute, NKI-AVL in Amsterdam, and the Dana-Farber Cancer Institute.
"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.
SOURCE: Aduro press release

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