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news.MacroGenics has acquired California-based Raven Biotechnologies, which focuses on the discovery and development of monoclonal antibody therapeutics for oncology through its cancer stem cell program.
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MacroGenics will issue shares of its stock to purchase Raven. Montgomery & Co served as the financial advisor to Raven. Arnold & Porter served as legal advisor to MacroGenics.
Scott Koenig, president and CEO of MacroGenics, said: “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.”