BeneVir to be bought by Janssen for up to $1.04 billion

2 May 2018

Privately-held USA-based biotech BeneVir has entered into a definitive agreement to be acquired by Janssen Biotech, part of US healthcare giant Johnson & Johnson (NYSE: JNJ).

BeneVir is a portfolio company within holding company HC2’s Pansend Life Sciences subsidiary. Its focus is on developing oncolytic immunotherapies for the treatment of cancer, based on its T-Stealth platform, to help patients whose tumors do not respond to current therapeutic options including immune checkpoint inhibitors.

Janssen will make an upfront cash payment of $140 million, plus additional contingent payments of up to $900 million based on achievement of certain predetermined milestones. The total sum could exceed $1 billion if all milestones are met.

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