Mankind Pharma has agreed to acquire a 70% stake in Armed Cell Therapeutics (ACTx), a Belgium-incorporated developer of next-generation CAR-T cancer therapies, through an investment of €48m, the company said on 15 October.
Why Mankind Pharma Limited (via Mankind Pharma (Netherlands) B.V.) is buying Armed Cell Therapeutics B.V. (ACTx) – 70% stake
Mankind said the investment is part of its long-term strategy to build a global innovation-led pharmaceutical business and the first step in building a pipeline of breakthrough therapies, giving it access to differentiated scientific platforms and an experienced leadership team.
Deal terms and financing
Mankind's wholly owned Dutch subsidiary will invest €48m in ACTx in instalments for the 70% stake, with cash consideration. Mankind's board approved an additional investment of up to €45m in the subsidiary, taking its investment limit to €50m.
Regulatory approvals and timing
Approvals as required under the laws of the host country; completion timing is set by the definitive agreement.
Market context
ACTx's founders include Paul Stoffels, former chief executive of Galapagos and former chief scientific officer of Johnson & Johnson, who chairs its board, and John Mellors of the University of Pittsburgh. Its research teams are in the US and Europe, and its lead programmes target non-Hodgkin lymphoma and small cell lung cancer.
