invoX Pharma, a UK-based biopharmaceutical company and a wholly-owned subsidiary of Sino Biopharmaceutical, has closed the acquisition of F-star Therapeutics, a clinical-stage biopharmaceutical company focusing on bispecific antibodies in immunotherapy.
F-star is being acquired for a total cash consideration of approximately $161m or $7.12 per share.
Currently, F-star is undertaking Phase II trials in Europe and the US.
The trials are being undertaken in patients with PD-1 acquired resistant head and neck cancer, and in checkpoint inhibitor-naïve patients with non-small cell lung cancer (NSCLC) and diffuse large B-cell lymphoma (DLBCL).
It also has further earlier clinical studies underway in patients of the two geographies.
For the deal closure, all required regulatory approvals have been secured, including clearance from the regulatory agency in charge of implementing the UK’s National Security and Investment Act and the Committee on Foreign Investment in the United States (CFIUS).
invoX CEO Ben Toogood said: “The closing of the transaction today significantly strengthens invoX’s pharmaceutical business, accelerating the build of a pipeline with a core focus on oncology and respiratory therapeutics. Most importantly, it provides the capital to ensure patients enrolled in F-star’s clinical studies will continue to have access to potentially life-saving therapies.
‘We are pleased to have reached agreement with regulators in the U.S. following substantial and thorough discussion. This clearance is a clear signal that governments recognise the importance of collaboration among trusted parties to advance patient-centered innovations in biotechnology.
‘We believe this will lay a solid foundation and understanding for our steps into the future and leaves us well positioned to continue to grow worldwide through further investment opportunities. We are also excited to welcome F-star employees and look forward to working with them as we invest in the company to progress and grow its clinical pipeline to realize the full potential of the platform.”
Incorporated in March 2021, invoX Pharma is a completely owned subsidiary of Sino Biopharm, a leading pharmaceutical company with over 24,000 employees.
invoX focuses on R&D and business development activities outside of China, with its primary focus on oncology and respiratory therapeutics.