argenx has announced it will acquire Unnatural Products (UNP) in a deal worth around $1.15bn. argenx already holds a minority stake in UNP and will acquire all remaining shares.
Under the terms of the agreement, argenx will acquire UNP for an upfront payment of $550m in cash on hand and up to $595m in payments contingent on achievement of specified development and regulatory milestones, for total potential consideration of up to approximately $1.15bn. The acquisition is expected to close by the end of the year.
The acquisition adds a macrocyclic peptide discovery engine to the company’s immunology innovation capabilities and expands the ways argenx can pursue novel biology and develop oral or long-acting medicines for people living with serious immune-mediated diseases.
argenx, an immunology innovation company, is focused on turning immunology breakthroughs into medicines for patients by advancing molecules with the potential to reach multiple diseases and patient populations. UNP, a US-based biotech company, is developing a portfolio of therapeutic macrocycles against high-value and traditionally difficult-to-drug targets.
Karen Massey, CEO of argenx, said: “UNP adds macrocyclic peptide capabilities that are highly complementary to our antibody engineering and creates new possibilities for oral and long-acting medicines. After working together for more than two years, we also know there is a strong fit in how we work: science first, entrepreneurial and focused on patients. We want to preserve what has made UNP successful while bringing the strengths of both teams together.”
Following closing of the acquisition, UNP’s team and leadership will continue to operate from its Santa Cruz, California site, which will serve as argenx’s home for peptide discovery. UNP will continue to lead its discovery work, within a strategic framework agreed upon with argenx. argenx will bring its clinical development and commercialisation capabilities to advance those medicines to patients.
“This is a tremendous milestone for UNP and a testament to the exceptional work of our scientists, employees, collaborators and supporters,” said Cameron Pye, CEO and Co-Founder of UNP. “From the earliest days, we believed our platform had the potential to redefine what is possible in the discovery and design of new medicines. I believe argenx provides the ideal environment to accelerate and amplify that vision to bring innovative therapies to patients.”