Merck will acquire 100% of the equity of GlycoFi in an all cash transaction valued at approximately $400 million. GlycoFi is a privately held biotechnology company focused in the field of yeast glycoengineering and optimization of biologic drug molecules.
Merck and GlycoFi have been partners since late 2005, when they established a strategic alliance and research collaboration to develop novel biologic and vaccine candidates.
“Our successful partnership with GlycoFi helped fuel our interest in expanding our commitment and capabilities in the biologics field,” said Dr Merv Turner, Merck's senior vice president of worldwide licensing and external research. “GlycoFi and Merck are a natural match, given Merck's expertise in yeast expression, coupled with GlycoFi's novel technologies.”
Meanwhile, in a similar transaction Merck will acquire 100% of the equity of Abmaxis for $80 million in cash. Abmaxis is dedicated to the discovery and optimization of monoclonal antibody (mAb) products for human therapeutics and diagnostics.
Under a collaboration agreement Merck established with Abmaxis in late 2004, Abmaxis successfully re-engineered a Merck human monoclonal antibody and improved antibody affinity more than 70-fold while retaining its specificity.
“Our acquisition of Abmaxis provides Merck with the opportunity to optimize and humanize antibodies, as well as to discover new antibodies,” said Dr Peter Kim, president of Merck Research Laboratories.