AbbVie in Deal to Acquire Landos Biopharma for $137.5 Million
By Sabela Ojea
AbbVie is acquiring Landos Biopharma for about $137.5 million to advance the development of the oral molecule NX-13, aimed at treating ulcerative colitis and Crohn's disease.
The pharmaceutical company and clinical stage biopharmaceutical company on Monday said they have reached a definitive agreement for AbbVie to take over Landos Biopharma at a price of $20.42 per share in cash upon closing.
The deal could also include an additional payment of up to $75 million, dependent on the achievement of a clinical development milestone.
The transaction is expected to close in the second quarter, subject to the approval of Landos shareholders.
"With AbbVie's therapeutic area leadership and expertise in global development, they are the right company to further advance NX-13," Landos Chief Executive Gregory Oakes said.
The Phase 2 trial to evaluate NX-13 in ulcerative colitis is enrolling patients in the U.S. and Europe
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 25, 2024 09:06 ET (13:06 GMT)
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