Belgian biopharma company UCB to acquire US biotech company for 2 billion USD
Belgian pharmaceutical group UCB has reached an agreement to acquire American biotech firm Candid Therapeutics for more than 2 billion USD (around 1.7 billion EUR), the company announced on Sunday.
Candid Therapeutics specialises in treatments for autoimmune diseases. Its lead candidate, cizutamig, is currently being tested in ten clinical trials involving patients with various autoimmune conditions. The treatment has already been administered to more than 100 patients.
"We consider cizutamig a potentially groundbreaking agent that complements our existing programs," says UCB CEO Jean-Christophe Tellier. He sees potential to "significantly improve" the quality of life for patients.
Under the agreement, UCB will pay 2 billion USD upfront, with a further 200 million USD in possible milestone payments linked to clinical and regulatory achievements.
Third biotech deal in recent months
The acquisition marks UCB’s third major deal in recent months as the company seeks to strengthen its long-term drug pipeline. In April, UCB acquired US biotech company Neurona Therapeutics, which develops cell therapies for epilepsy and neurological disorders, in a deal worth up to 1.15 billion USD. Earlier this year, the Belgian group also entered into a partnership with the Chinese biotech firm Antengene, focused on immunology treatments.
UCB generated 7.7 billion EUR in revenue last year, up around a quarter compared with the previous year. The company’s current growth is being driven largely by Bimzelx, a treatment for inflammatory diseases. Other key growth products include the epilepsy drug Fintepla, the rare disease therapies Rystiggo and Zilbrysq, as well as the osteoporosis treatment Evenity.
The transaction still requires approval from competition authorities. UCB expects the acquisition to be completed by the end of the second quarter or the beginning of the third quarter.
Biomanufacturing Operations Center at the Braine l'Alleud site of the biopharmaceutical company UCB in Braine-L'alleud'
© BELGA PHOTO LAURIE DIEFFEMBACQ
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