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08.07.2024 16:15:43 - dpa-AFX: EQS-News: APEIRON Biologics to be Acquired by Ligand Pharmaceuticals for USD 100 Million (english)
APEIRON Biologics to be Acquired by Ligand Pharmaceuticals for USD 100
Million
EQS-News: APEIRON Biologics AG / Key word(s): Acquisition
APEIRON Biologics to be Acquired by Ligand Pharmaceuticals for USD 100
Million
08.07.2024 / 16:15 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
APEIRON Biologics to be Acquired by Ligand Pharmaceuticals for USD 100
Million
Ligand also commits to invest up to USD 4 million in APEIRON spin-off,
invIOs
Vienna, Austria, 8 July 2024: APEIRON Biologics AG ("APEIRON"), a leading
Austrian biotech company, today announced that its shareholders have entered
into a definitive agreement to sell their APEIRON shares to US-based Ligand
Pharmaceuticals Incorporated (Nasdaq: LGND) for USD 100 million. APEIRON
shareholders are also entitled to additional consideration based on future
commercial and regulatory events and to up to USD 28 million if QARZIBA®
royalties exceed certain predetermined thresholds by either 2030 or 2034
respectively. The agreement has been approved by the Supervisory Board of
APEIRON and the Board of Directors at Ligand. The transaction is subject to
a 30-day shareholder objection period and other customary closing conditions
and is expected to close in July 2024.
Concurrently, Ligand has also committed to investing up to USD 4 million in
invIOs Holding AG ("invIOs"), a spin-off of APEIRON. The proceeds will help
invIOs to finance the research and development of three innovative
early-stage immuno-oncology assets. APEIRON is entitled to royalties and
milestone payments on these assets. This transaction is also expected to
close in July 2024.
APEIRON, known for its innovative approaches in immuno-oncology, received
marketing approval from the European Medicines Agency for APN311
(dinutuximab beta, QARZIBA®) in 2017 for the treatment of high-risk
neuroblastoma in patients aged twelve months and above.
Peter Llewellyn-Davies, CEO of APEIRON, said: "We have spent more than
twenty years translating academic research into therapeutic products for
diseases with high unmet needs. This is a historic moment for APEIRON and
its shareholders. We are excited that Ligand has recognized the importance
of our work and the long-term potential of QARZIBA®. Today's sale
demonstrates the great value of APEIRON's research and is a strong
recognition of the achievements of APEIRON's founders, researchers and all
employees."
He continued: "The sale of APEIRON also is an encouraging signal for the
entire Austrian biotechnology industry, it underlines the great potential of
Austria's research-driven biotechnology companies. This acquisition by
Ligand also represents one of the largest exits of a private Austrian
biotech company in the last few years."
"The achievements of APEIRON and today's strategic exit are impressive proof
of the potential and innovative strength of the Austrian biotechnology
landscape," added Manfred Reichl, Chairman of the Supervisory Board of
APEIRON Biologics. "I would like to thank the leadership team at APEIRON,
the founders and the research teams for their work and overachievement. I
also would like to thank our former Vice-Chairman Rainer Burian, who
represented more than 90 shareholders of APEIRON Biologics in negotiating
the deal together with APEIRON's CEO, Peter Llewellyn-Davies, and his team.
We will continue the development of outstanding innovative cancer treatments
within Apeiron's sister company invIOs Holding AG."
Ligand Pharmaceuticals is a US-based biopharmaceutical company enabling
scientific advancement through supporting the clinical development of
high-value medicines. Ligand does this by providing financing, licensing
their technologies or both. Its business model seeks to generate value for
stockholders by creating a diversified portfolio of biopharmaceutical
product revenue streams that are supported by an efficient and low corporate
cost structure.
"We are pleased to partner with APEIRON on this transaction," said Todd
Davis, CEO of Ligand. "The APEIRON team has done great work in
immuno-oncology and rare diseases, and QARZIBA® is the only immunotherapy
for high-risk neuroblastoma marketed across Europe and in other parts of the
world. We believe this drug will be a meaningful contributor to our
commercial royalty portfolio."
Baker McKenzie represented the APEIRON shareholders and DORDA served as
APEIRON's legal counsel. McDermott Will & Emery and E+H Rechtsanwälte served
as Ligand's legal counsels.
About QARZIBA®
QARZIBA® is a monoclonal antibody that is specifically directed against the
carbohydrate moiety of disialoganglioside 2 (GD2), which is overexpressed on
neuroblastoma cells. Dinutuximab beta was approved by the European Medicines
Agency in 2017 for the treatment of high-risk neuroblastoma in patients aged
twelve months and above, who have previously received induction chemotherapy
and achieved at least a partial response, followed by myeloablative therapy
and stem cell transplantation, as well as patients with history of relapsed
or refractory neuroblastoma, with or without residual disease.
Dinutuximab beta was originally discovered by EMD Lexigen Research Center
and ultimately developed by the Children's Cancer Research Center (CCRI) and
European Neuroblastoma Research Network (SIOPEN) for the treatment of
high-risk neuroblastoma. APEIRON in-licensed dinutuximab beta from CCRI and
SIOPEN in 2011, and upon completing the clinical development, out-licensed
the exclusive global commercialization rights to EUSA Pharma (UK) Limited in
2016. QARZIBA® is marketed outside of mainland China by the global
pharmaceutical company EUSA Pharma (UK) Limited., which was acquired by
Recordati S.p.A. in 2022.
About APEIRON Biologics AG
APEIRON Biologics is a private biopharmaceutical company based in Vienna,
Austria. The company co-developed QARZIBA® (dinutuximab beta), a high-risk
neuroblastoma drug, which it licensed to EUSA Pharma (UK) Limited (now a
Recordati S.p.A. company) in 2016. APEIRON is entitled to an undisclosed
royalty on global net sales of QARZIBA®. The company also maintains a
portfolio of more than 400 patents, including the intellectual property and
licenses for an early-stage immuno-oncology portfolio currently being
developed by invIOs Holding AG, which was spun-off from APEIRON in 2022. For
more information visit www.apeiron-biologics.com.
For further information please contact:
APEIRON Biologics AG
Peter Llewellyn-Davies, CEO
Email: investors@APEIRON-biologics.com
www.APEIRON-biologics.com
Media and Investor Relations
MC Services AG
Email: APEIRON@mc-services.eu
For European Media:
Cora Kaiser, Shaun Brown
phone +49 89 210 2280
For US Media:
Laurie Doyle, Catherine Featherston
Phone +1 3398320752
---------------------------------------------------------------------------
08.07.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
1941585 08.07.2024 CET/CEST
Million
EQS-News: APEIRON Biologics AG / Key word(s): Acquisition
APEIRON Biologics to be Acquired by Ligand Pharmaceuticals for USD 100
Million
08.07.2024 / 16:15 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
APEIRON Biologics to be Acquired by Ligand Pharmaceuticals for USD 100
Million
Ligand also commits to invest up to USD 4 million in APEIRON spin-off,
invIOs
Vienna, Austria, 8 July 2024: APEIRON Biologics AG ("APEIRON"), a leading
Austrian biotech company, today announced that its shareholders have entered
into a definitive agreement to sell their APEIRON shares to US-based Ligand
Pharmaceuticals Incorporated (Nasdaq: LGND) for USD 100 million. APEIRON
shareholders are also entitled to additional consideration based on future
commercial and regulatory events and to up to USD 28 million if QARZIBA®
royalties exceed certain predetermined thresholds by either 2030 or 2034
respectively. The agreement has been approved by the Supervisory Board of
APEIRON and the Board of Directors at Ligand. The transaction is subject to
a 30-day shareholder objection period and other customary closing conditions
and is expected to close in July 2024.
Concurrently, Ligand has also committed to investing up to USD 4 million in
invIOs Holding AG ("invIOs"), a spin-off of APEIRON. The proceeds will help
invIOs to finance the research and development of three innovative
early-stage immuno-oncology assets. APEIRON is entitled to royalties and
milestone payments on these assets. This transaction is also expected to
close in July 2024.
APEIRON, known for its innovative approaches in immuno-oncology, received
marketing approval from the European Medicines Agency for APN311
(dinutuximab beta, QARZIBA®) in 2017 for the treatment of high-risk
neuroblastoma in patients aged twelve months and above.
Peter Llewellyn-Davies, CEO of APEIRON, said: "We have spent more than
twenty years translating academic research into therapeutic products for
diseases with high unmet needs. This is a historic moment for APEIRON and
its shareholders. We are excited that Ligand has recognized the importance
of our work and the long-term potential of QARZIBA®. Today's sale
demonstrates the great value of APEIRON's research and is a strong
recognition of the achievements of APEIRON's founders, researchers and all
employees."
He continued: "The sale of APEIRON also is an encouraging signal for the
entire Austrian biotechnology industry, it underlines the great potential of
Austria's research-driven biotechnology companies. This acquisition by
Ligand also represents one of the largest exits of a private Austrian
biotech company in the last few years."
"The achievements of APEIRON and today's strategic exit are impressive proof
of the potential and innovative strength of the Austrian biotechnology
landscape," added Manfred Reichl, Chairman of the Supervisory Board of
APEIRON Biologics. "I would like to thank the leadership team at APEIRON,
the founders and the research teams for their work and overachievement. I
also would like to thank our former Vice-Chairman Rainer Burian, who
represented more than 90 shareholders of APEIRON Biologics in negotiating
the deal together with APEIRON's CEO, Peter Llewellyn-Davies, and his team.
We will continue the development of outstanding innovative cancer treatments
within Apeiron's sister company invIOs Holding AG."
Ligand Pharmaceuticals is a US-based biopharmaceutical company enabling
scientific advancement through supporting the clinical development of
high-value medicines. Ligand does this by providing financing, licensing
their technologies or both. Its business model seeks to generate value for
stockholders by creating a diversified portfolio of biopharmaceutical
product revenue streams that are supported by an efficient and low corporate
cost structure.
"We are pleased to partner with APEIRON on this transaction," said Todd
Davis, CEO of Ligand. "The APEIRON team has done great work in
immuno-oncology and rare diseases, and QARZIBA® is the only immunotherapy
for high-risk neuroblastoma marketed across Europe and in other parts of the
world. We believe this drug will be a meaningful contributor to our
commercial royalty portfolio."
Baker McKenzie represented the APEIRON shareholders and DORDA served as
APEIRON's legal counsel. McDermott Will & Emery and E+H Rechtsanwälte served
as Ligand's legal counsels.
About QARZIBA®
QARZIBA® is a monoclonal antibody that is specifically directed against the
carbohydrate moiety of disialoganglioside 2 (GD2), which is overexpressed on
neuroblastoma cells. Dinutuximab beta was approved by the European Medicines
Agency in 2017 for the treatment of high-risk neuroblastoma in patients aged
twelve months and above, who have previously received induction chemotherapy
and achieved at least a partial response, followed by myeloablative therapy
and stem cell transplantation, as well as patients with history of relapsed
or refractory neuroblastoma, with or without residual disease.
Dinutuximab beta was originally discovered by EMD Lexigen Research Center
and ultimately developed by the Children's Cancer Research Center (CCRI) and
European Neuroblastoma Research Network (SIOPEN) for the treatment of
high-risk neuroblastoma. APEIRON in-licensed dinutuximab beta from CCRI and
SIOPEN in 2011, and upon completing the clinical development, out-licensed
the exclusive global commercialization rights to EUSA Pharma (UK) Limited in
2016. QARZIBA® is marketed outside of mainland China by the global
pharmaceutical company EUSA Pharma (UK) Limited., which was acquired by
Recordati S.p.A. in 2022.
About APEIRON Biologics AG
APEIRON Biologics is a private biopharmaceutical company based in Vienna,
Austria. The company co-developed QARZIBA® (dinutuximab beta), a high-risk
neuroblastoma drug, which it licensed to EUSA Pharma (UK) Limited (now a
Recordati S.p.A. company) in 2016. APEIRON is entitled to an undisclosed
royalty on global net sales of QARZIBA®. The company also maintains a
portfolio of more than 400 patents, including the intellectual property and
licenses for an early-stage immuno-oncology portfolio currently being
developed by invIOs Holding AG, which was spun-off from APEIRON in 2022. For
more information visit www.apeiron-biologics.com.
For further information please contact:
APEIRON Biologics AG
Peter Llewellyn-Davies, CEO
Email: investors@APEIRON-biologics.com
www.APEIRON-biologics.com
Media and Investor Relations
MC Services AG
Email: APEIRON@mc-services.eu
For European Media:
Cora Kaiser, Shaun Brown
phone +49 89 210 2280
For US Media:
Laurie Doyle, Catherine Featherston
Phone +1 3398320752
---------------------------------------------------------------------------
08.07.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
1941585 08.07.2024 CET/CEST
