Under the terms of the agreement, Tanox will receive all tissue factor antagonist assets from Sunol, including anti-tissue factor monoclonal antibodies and related technologies and intellectual properties, as well as non-exclusive rights to certain technologies and related intellectual property.
Tanox will issue 800,000 shares of Tanox common stock and pay $6 million to Sunol.
The lead drug candidate in the acquisition is Sunol’s tissue-factor antagonist cH36, an anti-tissue factor monoclonal antibody in development for acute lung injury (ALI) and acute respiratory distress syndrome (ARDS). The antibody, which will be renamed TNX-832, is currently in a phase I/II clinical trial for the treatment of ALI/ARDS. Tanox will assume oversight of the clinical trial upon the closing of the transaction.
“The integration of Sunol’s tissue factor antagonist program into Tanox will enhance our product portfolio with an additional clinical-stage product,” said Dr Nancy Chang, president and CEO of Tanox. “In addition to the acute lung and respiratory disorders, these antibodies have the potential to treat other diseases that result from over-expression of tissue factor and related coagulation, including cancer.”