US-based Ligand Pharmaceuticals has agreed to acquire Austrian biopharmaceutical company APEIRON Biologics for $100m in cash.
APEIRON has royalty rights to Qarziba (dinutuximab beta), a monoclonal antibody. It was approved by the European Medicines Agency in 2017 to treat high-risk neuroblastoma in patients aged 12 months and above.
The drug was discovered originally by the EMD Lexigen Research Center and subsequently developed by the Children’s Cancer Research Center (CCRI) and the European Neuroblastoma Research Network (SIOPEN) for treating high-risk neuroblastoma.
APEIRON obtained the in-licensing rights to dinutuximab beta from CCRI and SIOPEN in 2011.
After completing clinical development, the biopharmaceutical company had out-licensed the exclusive global commercialisation rights to EUSA Pharma (UK) in 2016.
Qarziba is currently marketed outside mainland China by Recordati, a global pharmaceutical company which acquired EUSA Pharma in 2022.
The drug marks the sixth asset added to Ligand’s commercial stage portfolio since the start of 2023.
APEIRON CEO Peter Llewellyn-Davies said: “We have spent more than 20 years translating academic research into therapeutic products for diseases with high unmet needs.
“Our team was honoured to help bring Qarziba to the young patients who need it.”
Under the agreement, Ligand will acquire all the outstanding shares of APEIRON. The American drug maker will also make additional contingent payments to APEIRON shareholders.
This includes potential payments, based on future commercial and regulatory milestones, totalling up to $28m if royalties from Qarziba surpass certain predetermined thresholds by either 2030 or 2034, respectively.
The transaction is subject to customary closing conditions and is expected to be finalised this month.
Concurrently, Ligand has entered into a stock purchase agreement to invest up to $4m in invIOs, a privately held spin-off of APEIRON.
These funds will support the research and development of three early-stage immuno-oncology assets.
The Austrian firm stands to receive royalties and milestone payments from these assets, contributing to the expansion of Ligand’s development stage portfolio. This transaction is also expected to close in July 2024.
Ligand CEO Todd Davis said: “The addition of Qarziba to our commercial royalty portfolio further supports our growth strategy to invest in high-value medicines that deliver significant clinical value and generate predictable and long-term revenue streams for our investors.”
