DURHAM – CoImmune, the name for the former Argos Therapeutics which was acquired by two South Korean firms last year, is growing larger.
CoImmune announced Thursday the acquisition of Pennsylvania-based Formula Pharmaceuticals in an all-stock transaction. Specific financials were not disclosed other than a $6 million investment will be made at closing in two clinical trials.
Two South Korean companies – SCM Lifescience Co., Ltd. and Genexine, Inc. – acquired Argos for $11 million, according to the Korea Herald. The deal included Argos’ manufacturing facility.
The combined CoImmune firm will continue to focus on immuno-oncology platforms.
“We are excited about the opportunity of bringing together two therapeutic immuno-oncology platforms to maximize our clinical and commercial value as a result of merger,” said Charles Nicolette, Chief Executive Officer of CoImmune, in a statement.
“CoImmune has a compelling Phase 2b program with lead candidate, CMN-001, and a strong team to advance its pipeline. We evaluated numerous potential merger and acquisition opportunities and believe that Formula has a best-in-class allo CAR based technology and a solid base of investors which can deliver significant value. We believe that both companies complement each other, and together, this relationship will enable us to continue to advance our therapies toward US FDA approval in the near future.”
CAR T-cell therapy is type of treatment in which a patient’s T cells (a type of immune system cell) are changed in the laboratory so they will attack cancer cells, according to Cancer.gov.
CMN-001 is a treatment for metastatic renal cell carcinoma.