AbbVie To Acquire Landos Biopharma At $20.42/share In Cash
(RTTNews) - AbbVie Inc. (ABBV) and Landos Biopharma, Inc. (LABP) announced Monday a definitive agreement under which AbbVie will acquire biopharmaceutical company Landos.
Landos' lead investigational asset is NX-13, a first-in-class, oral NLRX1 agonist with a bimodal mechanism of action (MOA), which is anti-inflammatory and facilitates epithelial repair.
NLRX1 regulates immunometabolism and inflammation, and its activation impacts multiple mechanisms of inflammatory bowel disease (IBD) pathogenesis. The randomized controlled Phase 2 NEXUS clinical trial evaluating NX-13 in UC is currently enrolling patients in the United States and Europe (NCT05785715).
Under the terms of the agreement, AbbVie will acquire Landos at a price of $20.42 per share in cash upon closing, or approximately $137.5 million in the aggregate, plus one non-tradable contingent value right per share with a value of up to $11.14 per share, or approximately an additional $75 million in the aggregate, subject to the achievement of a clinical development milestone.
The proposed transaction is expected to close in the second calendar quarter of 2024, subject to customary closing conditions, including approval by Landos' stockholders.
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