Acquisition agreement with Boehringer Ingelheim for NBE-Therapeutics marks first major biotech exit for PPF Group
- €1.18 billion acquisition provides for significant returns to PPF Group as NBE’s largest shareholder
- SOTIO, a clinical stage immuno-oncology company, and a member of PPF Group, continues development of two ADC products under the collaboration with NBE
PPF Group, an international investment group, today announced the signing of a binding agreement to sell its stake in NBE-Therapeutics to Boehringer Ingelheim. NBE-Therapeutics is using its proprietary iADC™ platform to develop potential best-in-class antibody-drug conjugate (ADC) therapies for the treatment of solid tumors. The lead program NBE-002, an iADC targeting ROR1, entered the Phase 1 clinical testing in 2020.
The transaction is worth up to €1.18 billion, and is comprised of an upfront payment to NBE’s shareholders as well as contingent clinical and regulatory milestones. Transaction is subject to customary closing conditions.
PPF Group initially invested into NBE four years ago, and was NBE’s largest shareholder at the time of the acquisition.
NBE-Therapeutics, as part of Boehringer, will remain at its campus in Basel, Switzerland and will continue to support the existing partnership with PPF-owned SOTIO on SOTIO’s two preclinical-stage ADC programs, SO-N102 and SO-N107. SOTIO is focused on developing clinical stage immuno-oncology therapeutics and directing the biotechnology investments of PPF.
“We’d like congratulate the NBE team on this major achievement and express our sincere gratitude to everybody who supported this journey over the last years,” said Jens Hennecke, Ph.D., chief business officer of SOTIO and a member of the board of directors of NBE. “From the beginning, we have been excited about the prospect of NBE’s iADC platform. This landmark acquisition, one of the largest of its kind in Europe, provides an important validation for our approach and points to the significant value of our two ADC candidates, SO-N102 and SO-N107. We look forward to continuing our partnership with NBE-Therapeutics to advance SO-N102 into the clinics by the end of 2021 and continue the preclinical activities for SO-N107.”
Ladislav Bartoníček, shareholder of PPF Group, added, “We are excited for the future of NBE-Therapeutics as part of Boehringer Ingelheim. Boehringer will now use its expertise and commitment to oncology research to realize the potential of the iADC platform to create best-in-class ADC therapies for the benefit of patients. This acquisition validates our business model of investing into companies with potentially game-changing platforms and products.”