Chillin' out till it needs to be funded
Biotechnology firms locally on hand in the USA worked out quick deals in the drug development firms for leukemia and lymphoma with equity premiums likely still underbidding the valueof niche treatmets yet risky propositions. Amgen paid a 33% premium and ended only $1.16 bln out of pocket to catch Micromet for $11 per share
Celgene picked up Avial Therapeutics for a $350 nlm change with another 62% in performance / milestone payments
Micromet’s leading drug candidate, blinatumumab, is in phase 2 testing, the middle stage of clinical trials, as a treatment for acute lymphoblastic leukemia.
The drug, and others Micromet, is developing utilize the company’s bispecific T cell engager, or BiTE, technology. These are antibodies that bind to both a tumor and to a T cell of the immune system. Once the T cell is close to the tumor, it can kill it.
Micromet has its headquarters in Rockville, Md., but has its research and development in Munich, Germany, where the company was started.
The JP Morgan Heathcare conference also started early in the year just two weeks ago.