Oxford biomedical firm DJS Antibodies acquired for £220m
Oxford's DJS Antibodies has been acquired for £219.45 approx $225million.
In securing the life sciences firm from Oxford Scientific Enterprises' portfolio, US pharmaceutical firm AbbVie advance their own antibody research while also gaining a foothold in Oxford's strong life science sector.
Based in Headington, DJS Antibodies, research and develop alternative biotheraputics/treatments for inflammatory and GI diseases such as Crohn's.
AbbVie stated a strong interest in DJS's lead program, DJS-002. The US company confirmed that under the terms of the agreement, AbbVie will pay DJS shareholders approximately $255 million in cash at close of the deal.
DJS shareholders remain eligible for potential additional payments upon the achievement of specific development milestones related to the DJS-002 program. The antibody treatment is currently in preclinical studies for treatment of Idiopathic Pulmonary Fibrosis (IPF) and other fibrotic diseases.
IPF is an aggressive, high mortality disease caused by fibrotic scarring in the lungs and remains an area of high unmet medical need.
Jonathon Sedgwick, Ph.D., vice president and global head of discovery research, AbbVie, said: "This acquisition will deliver new capabilities to enhance our current antibody research activities, an opportunity to strengthen our immunology portfolio, and provide a strong foothold for expanded research efforts in the dynamic bioscience hub in Oxford, UK.
"We are excited to bring the innovative science behind DJS-002 and the talented team at DJS to AbbVie."
David Llewellyn of DJS said of the sale: "DJS was built on the principles of scientific curiosity and an aspiration to discover clinically meaningful innovative medicines.
"We've been privileged to grow the company within the world-class scientific and entrepreneurial community of Oxford, from an initial concept through to a successful biotech comprising an extremely talented team.
"The whole team is incredibly excited to take the next step in this journey with AbbVie as we work together to accelerate the translation of our lead program into the clinic and develop an exciting research center here in the UK."
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DJS is backed by founding investors Oxford Science Enterprises and Johnson & Johnson Innovation Ltd., along with LifeArc, Sedgwick Yard and Amgen Ventures.
Ekaterina Smirnyagina, Senior Partner, Life Sciences at OSE, said: “We have been hugely impressed with the progress made by DJS over the past few years and are delighted that the vision and drive of its entrepreneurial team has been recognised through this acquisition.
"AbbVie’s therapeutic area and development expertise will be crucial to progressing these novel therapeutics towards patients. At OSE, we are very proud to have supported David and Joe on their journey."
DJS and its shareholders were advised by Centerview (Financial Advisor). Goodwin Procter LLP (Legal) advised DJS and its shareholders on the transaction, and Cooley LLP (Legal) advised DJS on other corporate matters including providing additional support on the transaction.
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