Seattle Genetics to acquire biotech company for $614m
Seattle Genetics has announced that it will acquire biotech company Cascadian Therapeutics for approximately $614 million.
The transaction was approved by the boards of directors of both companies, according to a statement released on Wednesday, January 31.
Seattle Genetics focuses on developing and commercialising antibody-based cancer therapies, and Cascadian Therapeutics is similarly dedicated to creating oncology treatments to improve the lives of cancer patients.
Cascadian Therapeutics is currently evaluating tucatinib, an investigational oral bioavailable kinase inhibitor, which may stop the growth of tumour cells in metastatic colorectal cancer.
The biotech company was granted a five year exclusive licence to develop, manufacture, and commercialise tucatinib by patent holder Array BioPharma in 2014.
Clay Siegall, president and CEO of Seattle Genetics, said that the addition of Cascadian Therapeutics will enhance its existing pipeline of targeted cancer therapies.
The acquisition will expand Seattle Genetics’ global efforts in breast cancer, he continued.
Siegall also hinted at future development involving tucatinib:
“Beyond breast cancer, we believe there may be opportunities for tucatinib in other tumour types,” he said.
Scott Myers, president and CEO of Cascadian Therapeutics, said that the merger represents a “very positive outcome” for patients.
He added: “Seattle Genetics has the development and commercial capabilities and the resources needed to more fully realise the potential of tucatinib as a new best-in-class treatment option for metastatic breast cancer, colorectal cancer and potentially for other indications.”
The transaction is expected to close in the first quarter of 2018.
Earlier this month Celgene announced that it would acquire Juno Therapeutics for $9 billion. Sanofi revealed plans to acquire Bioverativ for $11.6 billion, as well as Ablynx for approximately $4.8 billion.
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories sent like this straight to your inbox.
Do you work in a pharma or biotech company? Save $275 when you join us at LSPN Boston on April 26 at the special in-house early-bird rate of $525. Find out more here.
