AbbVie and Landos Biopharma announced a deal under which AbbVie will acquire Landos, a clinical-stage biopharmaceutical company focused on developing novel, oral therapeutics for patients with autoimmune diseases. Landos’ lead investigational asset is NX-13, which is an oral NLRX1 agonist (a member of the NOD-like receptor family) with a bimodal mechanism of action (MOA). It is anti-inflammatory and facilitates epithelial repair.
NLRX1 regulates immunometabolism and inflammation and the activation impacts multiple mechanisms of inflammatory bowel disease (IBD) pathogenesis. The randomized controlled Phase 2 NEXUS clinical trial evaluating NX-13 in UC is now enrolling patients in the United States and Europe (NCT05785715).
Under the terms of the agreement, AbbVie will buy Landos at $20.42 per share in cash upon closing (or about $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 about an additional $75 million in the aggregate, subject to the achievement of a clinical development milestone. The proposed deal is expected to close in the second calendar quarter of 2024, subject to customary closing conditions, including approval by Landos’ stockholders.
KEY QUOTES:
“With this acquisition, we aim to advance the clinical development of NX-13, a differentiated, first-in-class, oral asset with the potential to make a difference in the lives of people living with ulcerative colitis and Crohn’s disease.”
– Roopal Thakkar, M.D., senior vice president, chief medical officer, global therapeutics, AbbVie
“This announcement is a testament to Landos’ talented team and their commitment to our mission of creating oral treatments that can address a therapeutic gap. NX-13 and its bimodal MOA have the potential to provide a novel approach to the treatment of ulcerative colitis and Crohn’s disease. With AbbVie’s therapeutic area leadership and expertise in global development, they are the right company to further advance NX-13.”
– Gregory Oakes, president and chief executive officer, Landos
