Cambridge Antibody Technology acquires Genencor oncology candidates for $16 million

By Jennifer Chiou

New York, Nov. 1 - Cambridge Antibody Technology said it acquired product candidates GCR-3888 and GCR-8015 from Genencor International, Inc. for $16 million.

Cambridge Antibody Technology will pay $14 million of the $16 million on closing, expected to be Friday. Concurrently, Genencor will subscribe $14 million for 1,170,277 new Cambridge Antibody Technology shares.

GCR-3888, which showed efficacy in a phase I clinical trial, is in a phase II trial for the treatment of hairy cell leukemia. GCR-8015, an optimized version of GCR-3888, is in pre-clinical development as a potential treatment for B-cell malignancies, including non-Hodgkin's lymphoma and chronic lymphocytic leukemia.

"The acquisition of these product candidates is a significant step forward, accelerating the development of our proprietary pipeline," Cambridge Antibody Technology's chief executive officer Peter Chambre said in a news release.

"In particular, they signal our intention to focus our proprietary research and development activities in oncology indications, where we believe the opportunities are greatest for a company of Cambridge Antibody Technology's resources and technological capabilities."

The candidates are both immunotoxins comprising an antibody fragment that targets the CD22 receptor on B-lymphocytes fused to a toxin molecule, the company said.

Cambridge Antibody Technology noted it hired 10 Genencor employees who will be responsible for the development of the programs, thus establishing the company's first U.S. operation.

Cambridge Antibody Technology, which plans to file an investigational new drug application for GCR-8015, may be required to pay Genencor up to another $2 million based on the availability of GCR-8015 bulk product material for use in a clinical trial.

Genencor is a Palo Alto, Calif.-based subsidiary of Dansico A/S, a supplier of food ingredients.

Cambridge Antibody Technology is a Cambridge, England, biopharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.