Prima BioMed to acquire Immutep for $28 million

3 October 2014

France-based Immutep, a late-stage private biopharmaceutical company in the rapidly growing field of immuno-oncology, has reached an agreement by which it will be acquired by Australia’s Prima BioMed (ASX: PRR).

Prima will pay a consideration of up to around $28 million through a combination of cash, shares and warrants subject to the achievement of certain performance milestones. The transaction is to be funded via an investment agreement with Bergen Global Opportunity Fund worth up to $37.4 million.

Immutep has been developing a number of complementary types of cancer immunotherapies based on its patented lymphocyte activation gene 3 (LAG-3) technology. Its lead product IMP321 has been tested in various clinical trials to date, both alone and in combination with other therapies. Immutep holds the world-wide rights (ex China and Taiwan) to commercialize IMP321. This includes trials in chemo-immunotherapy, a combination of immunotherapy and chemotherapy which significantly enhances patients’ immune response to cancers.

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