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Aurobindo to pick up Profectus’ assets
Posted on Friday, 29 November 2019 14:05
Aurobindo Pharma, via its subsidiary Auro Vaccines, has agreed to buy certain research and development (R&D) assets from US-based clinical-stage vaccine development company Profectus BioSciences.
The company will pay an upfront sum of USD 11.29 million in cash, as well as a potential earnout dependent on certain milestones being achieved.
Subject to government approvals and third-party consent, the deal is slated to complete in the first half of 2020.
Maryland-headquartered Profectus focuses on developing preventative, therapeutic and oncolytic vaccines for infectious diseases and cancer immunotherapy.
Its pipeline includes the PBS Vax inoculation, which is used to treat chronic and infectious illnesses, such as the human papillomavirus and the human immunodeficiency virus, better known as HIV.
Since its inception, the company has raised more than USD 69.00 million in funding, including USD 20.00 million in private equity financing.
As a result of the acquisition, Aurobindo will gain access to Profectus’ proprietary and innovative technology platforms, as well as its global (R&D) centre.
The deal will allow the buyer to enhance its existing R&D activities and develop new vaccines that will ultimately become Food and Drug Administration-approved products.
Established in 1986, Aurobindo makes generic medical ingredients for customers in the neurosciences, cardiovascular, anti-retrovirals and gastroenterology segments, among others.
It has 20,000 employees worldwide and claims to have one of the largest R&D facilities in India.
Aurobindo’s deal with Profectus represents the second acquisition for the company this year; in May, it agreed to buy its India-based subsidiaries, including APL Healthcare, APL Research Centre and Aurozymes, for an undisclosed sum.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 1,864 deals targeting pharmaceutical preparation manufacturers announced globally since the start of 2019.
Bristol-Myers Squibb agreed to buy US-based Celgene for USD 74.00 billion in the largest of these in the year to date.
© Zephus Ltd