Ligand Pharmaceuticals Inc. (LGND) announced on Monday that it has agreed to purchase Apeiron Biologics AG, a private biopharmaceutical company located in Vienna, Austria for $100 million in cash.
This acquisition will grant Ligand the royalty rights to Apeiron's Qarziba, the sole immunotherapy for high-risk neuroblastoma, available in 35 countries in Europe and other global regions.
In addition to the initial amount, Ligand will compensate Apeiron shareholders based on upcoming commercial and regulatory milestones, potentially reaching up to $28 million if Qarziba royalties surpass specific thresholds by 2030 or 2034.
Simultaneously, Ligand will engage in a stock purchase agreement, committing to invest up to $4 million in invIOs Holding AG, a privately owned spin-off of Apeiron to support the research and development of three new early-stage immuno-oncology assets, with Apeiron entitled to royalties and milestone payments on these assets.
The transaction is anticipated to close in July 2024.
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