On March 25, Chicago-based AbbVie Inc. announced that it entered into an agreement to acquire Landos Biopharma for $137.5 million.
AbbVie will acquire Landos at a price of $20.42 per share in cash upon closing, plus one non-tradable contingent value right per share with a value of up to $11.14 per share, or approximately an additional $75 million in the aggregate, subject to the achievement of a clinical development milestone.
Landos Biopharma is a clinical stage biopharmaceutical company focused on the development of first-in-class oral therapeutics for patients with autoimmune diseases.
Landos’ lead investigational asset is NX-13, a first-in-class oral NLRX1 agonist (a member of the NOD-like receptor family) with a bimodal mechanism of action, which is anti-inflammatory and facilitates epithelial repair.
AbbVie Inc. is a biopharmaceutical company that discovers, develops, manufactures and sells pharmaceutical products worldwide. The company focuses on several therapeutic areas, including immunology, oncology, neuroscience, eye care, virology and gastroenterology, in addition to products and services across its Allergan Aesthetics portfolio. According to its full-year 2022 financial results, the company delivered full-year net revenues of $58 billion, and EBITDA of $26.6 billion.
AbbVie’s legal advisor is Paul, Weiss, Rifkind, Wharton & Garrison LLP. Landos’ financial advisor is Jefferies LLC, and Cooley LLP is serving as legal advisor. This transaction is expected to close in the second quarter of 2024.
According to data captured in the LevinPro HC database, this transaction marks the 44th Biotechnology acquisition of 2024. This is also AbbVie’s first acquisition of the year; in 2023, the company purchased three biotechnology companies: ImmunoGen, Cerevel Therapeutics and Mitokinin.
