Boehringer acquires Swiss cancer biotech
Marking its first M&A deal this year, German family-owned pharma major Boehringer Ingelheim has announced the acquisition of T3 Pharmaceuticals.
Boehringer has agreed to pay up to 450 million Swiss francs ($505 million) for the privately-held clinical stage Swiss biotech company.
T3 Pharma was founded in 2015 as a spin-off from the Biozentrum of the University of Basel. It has developed a proprietary therapy platform that uses live bacteria to deliver immune-modulating proteins to cancer cells and tumor micro-environments. Its lead product, T3P-Y058-739, is currently being tested in a Phase I clinical trial. T3 Pharma’s investors included the Boehringer Ingelheim Venture Fund, Reference Capital SA, Wille Finance AG and private Swiss investors.
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