MacroGenics, Inc, a privately held biotechnology company that develops immunotherapeutics to treat autoimmune disorders, cancer and infectious diseases, announced the acquisition of Raven Biotechnologies, Inc., a privately held biotechnology company in South San Francisco, California, focused on the discovery and development of monoclonal antibody therapeutics for oncology through its cancer stem cell program.
Raven has developed a portfolio of proprietary cancer stem cells from many types of primary tumours. These cancer stem cells are maintained in vitro, and small numbers of these cells can form both localized and metastatic tumours in vivo. Using its proprietary technology platform, Raven has generated more than 1,300 monoclonal antibodies, including many that target cancer stem cells and cancers of the lung, colon, pancreas, prostate, breast and ovary.
"Raven's discovery platform in cancer stem cell biology is highly complementary to MacroGenics' proprietary Fc-optimization and next-generation antibody platforms," said Scott Koenig, M.D., Ph.D., president and CEO of MacroGenics. "We believe that this acquisition provides MacroGenics with critical mass in oncology discovery, which is one of the most scientifically and commercially promising areas of drug development. With our internal capabilities in development and manufacturing, this transaction should result in the rapid production of new lead therapeutic candidates and increase the probability of clinical and commercial success. Moreover, with the wealth of these assets, we will expand our pursuit of collaborations and other strategic alliances with pharmaceutical and biotechnology companies."
"We are pleased that Raven's cancer stem cell antibody programme will be pursued by MacroGenics, a company with the resources and capabilities to accelerate the advancement of these projects into clinical development," stated George Schreiner, M.D., Ph.D., chief executive officer of Raven Biotechnologies. "MacroGenics' portfolio of novel therapeutic monoclonal antibodies, platform technologies and capabilities such as GMP manufacturing make this merger an excellent opportunity for Raven and its investors. The transaction significantly expands MacroGenics' opportunity to develop products for patients with various types of cancer."
MacroGenics will issue shares of its stock to purchase Raven. Other terms of the transaction were not disclosed. Montgomery & Co., LLC served as the financial advisor to Raven. Arnold & Porter LLP served as legal advisor to MacroGenics.
source: www.pharmabiz.com
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