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Deals in Depth August 2023

 
• By Deanna Kamienski and Maureen Riordan

In the top August alliance by deal value, Precision BioSciences licensed Imugene global rights to azercabtagene zapreleucel (azer-cel), its lead allogeneic anti-CD19 CAR T candidate for cancer. Imugene will assume ongoing clinical execution for azer-cel in the large B-cell lymphoma population who have relapsed following autologous CAR T treatment. The license also includes an option to develop up to three other cancer research programs in the future. Precision will receive $21m up front and is eligible for $8m upon successful completion of the Phase Ib dosing in the CAR T relapsed LBCL patient population. For azer-cel, Precision is eligible to receive up to $198m in additional milestone payments plus royalties. For each additional research program selected by Imugene, Precision is eligible for up to $145m in milestone payments and tiered royalties on net sales.

In the top M&A by deal value, Danaher Corp. entered into a definitive agreement to acquire Abcam plc. for $24.00 per share in cash, or a total enterprise value of approximately $5.7bn including assumed indebtedness and net of acquired cash. The deal value represents 13 times Abcam's FY 2022 revenues of $436m. Founded in 1998, Abcam offers validated antibodies, reagents, biomarkers and assays to address targets in biological pathways that advance drug discovery, life sciences research, and diagnostics. The company's three primary customer groups are academic institutions, research institutions, and biopharma/diagnostics companies. Financing reached $4.1bn in biopharma, $3bn in device, and $81m in diagnostics

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