Astellas Pharma (OTCPK:ALPMF) (OTCPK:ALPMY) acquires Xyphos, gaining the proprietary Advanced Cellular Control through Engineered Ligands (ACCEL) platform to develop new ways to direct immune cells to find, modulate, and destroy targeted cells throughout the body.
$120M was paid upon closing; in addition to this payment and potential future development milestone payments, it will provide a total transaction value of $665M.
The effect of the acquisition on Astellas’s financial results in the fiscal year ending March 31, 2020 will be limited.
Xyphos’s synthetic biology platform directs cells of the immune system to target single or multiple tumor antigens while controlling the immune cell proliferation and endurance.
Its first convertibleCAR-T cell product candidate is in preclinical development and scheduled to be tested in a first-in-human clinical study in 2021.
Source: M A News on Seeking Alpha