In a strategic move that sent shockwaves through the biopharmaceutical industry, AbbVie Inc. announced on Monday its intention to acquire Landos Biopharma Inc. for a staggering sum of up to $212.5 million. Led by legal powerhouses Paul Weiss Rifkind Wharton & Garrison LLP and Cooley LLP, the deal marks a significant milestone in the realm of clinical-stage biopharmaceutical advancements.
AbbVie to buy Landos Biopharma for $212M : A Lucrative Deal Unveiled
Under the terms of the agreement, AbbVie pledges to shell out $20.42 in cash per Landos share upon closure, totaling approximately $137.5 million. In addition, contingent value rights of up to $11.14 per share are on offer, potentially adding a hefty $75 million to the deal if specific clinical milestones are achieved, as disclosed by AbbVie in a statement.
The market responded with fervor as Landos’ stock surged a remarkable 167%, closing at an impressive $21.40 per share on Monday, following the announcement.
Trailblazing Innovations in Biopharma
Headquartered in Blacksburg, Virginia, Landos Biopharma stands at the forefront of innovation in autoimmune disease treatments. Its flagship asset, NX-13, presents a promising anti-inflammatory therapy for individuals grappling with ulcerative colitis and Crohn’s disease. Currently undergoing clinical trials across the United States and Europe, NX-13 holds immense potential to revolutionize patient care in these critical areas.
