Lodo Therapeutics acquires Hibiskus BioPharma
New York, USA-based biotechnology firm Lodo Therapeutics announced today that it has completed the acquisition of Hibiskus BioPharma.
In a related transaction, Lodo has acquired exclusive worldwide rights from the University of California, Riverside (UCR) and Michigan State University (MSU) to pre-clinical proteasome and immunoproteasome inhibitors developed by the co-founders of Hibiskus. Together, these two transactions enable Lodo to consolidate the proteasome inhibitor portfolio and related intellectual property, know-how and early stage research.
Hibiskus BioPharma was established with support from Spartan Innovations and Red Cedar Ventures, both wholly owned subsidies of the Michigan State University Foundation. Lodo is acquiring all the operating assets of Hibiskus and consolidating them at its facilities in New York City. Further financial details of the transactions were not disclosed.
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