On September 25, SOHM, Inc. announced that it acquired ABBIE from CGA 369 for $10 million.
ABBIE is a gene-editing platform which can deliver genetic payloads using non-viral vectors. ABBIE uses targeted integration to insert larger DNA sequences, including full genes, into a desired loci of the target cell’s genome. ABBIE will be able to edit genes of a large number of cell types at different stages of their life cycles, overcoming the limitations of current cell editing and cell engineering technologies.
SOHM, is a generic pharmaceutical manufacturing and marketing company with a vision of “Globalè Prospèro” that tries to build continuous growth. SOHM’s manufacturing and marketing target the rapidly growing healthcare segments such as nutraceuticals, cosmeceuticals and other major therapeutic segments.
The first payment of $6 million will be paid in 12 months from the effective date and will be a combination of $3 million cash and $3 million in restricted common stock. The remaining $4 million payment to CGA 369 will be triggered by ABBIE’s first $50 million of commercial sales.
According to data captured in the LevinPro HC database, this transaction represents the 114th Biotechnology deal of 2023. With this acquisition, SOHM is well-positioned as a competitive player in the $5.3 billion gene-editing market in 2023. This is SOHM’s first acquisition since 2021 when it purchased an undisclosed California-based pharmaceutical company.
