HC2 Holdings, a diversified holding company, announced today that BeneVir Biopharm, Inc., a privately-held biotechnology company developing oncolytic immunotherapies for the treatment of cancer, has entered into a definitive agreement to be acquired by Janssen Biotech, Inc. (“Janssen”).
BeneVir is a portfolio company within HC2’s Pansend Life Sciences (“Pansend”) subsidiary. Pansend is led by David A. present M.D., founder and general partner, and Cherine Eldumiati Plumaker, founder and general partner. HC2 made its initial investment in BeneVir in 2014, and currently owns approximately 76 percent of the company’s equity.
Under the terms of the agreement, Janssen will make an upfront cash payment of $140 million at closing of the transaction, plus additional contingent payments of up to $900 million based on achievement of certain predetermined milestones. The total amount of all payments could exceed $1 billion if all milestones are met. The closing of the transaction is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is expected to close in the second quarter of 2018.
“Our goal at BeneVir has been to develop T-StealthT, an oncolytic immunotherapy platform, to help patients whose tumors do not respond to current therapeutic options including immune checkpoint inhibitors,” said Matt Mulvey, Ph.D., Founder and Chief Executive Officer of BeneVir. “We are excited to join the Janssen team and continue to innovate in the field of oncolytic viral immunotherapy.”
T- Stealth Technology was licensed from the laboratory of Ian Mohr, PhD, Professor of Microbiology at NYU School of Medicine.
“We are incredibly proud of the work Dr. Mulvey and the BeneVir team have done, and will continue to do at Janssen, in addressing the needs of patients living with difficult-to-treat cancers,” said David A. present M.D., founder and general partner of Pansend Life Sciences.
“Pansend strives to create value by identifying, investing, and strongly supporting life science companies with excellent management whose assets and technologies provide unique solutions for unmet medical needs,” said Cherine Eldumiati Plumaker, founder and general partner of Pansend Life Sciences.
(Source: HC2 Holdings, Inc.)
Filed Under: Drug Discovery