Landos Biopharma is acquired by AbbVie, and the ADC product receives full FDA approval.
AbbVie's acquisition of Landos contains a lead asset that expands its portfolio in autoimmune and inflammatory illnesses.
On March 25, 2024, AbbVie made a definitive agreement to acquire Landos, a clinical-stage biopharmaceutical company that specializes in autoimmune diseases. This acquisition comes after the recent news of FDA's full approval of ELAHERE (mirvetuximab soravtansine-gynx), an antibody-drug conjugate (ADC) used to treat ovarian cancer.
As per the Landos agreement, AbbVie will purchase Landos for $20.42 per share, totaling around $137.5 million, in cash upon completion. In addition, each share will come with a non-tradable contingent value right valued at up to $11.14 per share. This value, totaling approximately $75 million, will only be realized upon reaching a significant milestone in clinical development. The transaction is anticipated to be finalized in the second quarter of 2024.
The Landos acquisition involves a primary asset called NX-13, which is an oral medication that has a dual mechanism of action. This medication has both anti-inflammatory properties and promotes the healing of epithelial tissue. NX-13 is currently undergoing a Phase II clinical trial (NEXUS) in both the United States and Europe to evaluate its potential in treating ulcerative colitis (UC). AbbVie, in a recent company press release, highlights the role of NLRX1 in regulating immunometabolism and inflammation. The activation of NLRX1 has significant effects on various mechanisms involved in the development of inflammatory bowel disease (IBD).
This announcement highlights the exceptional abilities of Landos' team and their dedication to our mission of developing oral treatments to fill a therapeutic gap. NX-13 and its unique mechanism of action offer a fresh perspective on treating ulcerative colitis and Crohn's disease. AbbVie's extensive experience and global development capabilities make them the ideal company to drive the progress of NX-13.
The FDA's full approval of ELAHERE on March 22, 2024 marks a significant advancement in the field of ADC therapeutics. ELAHERE is now approved for the treatment of adult patients diagnosed with folate receptor-alpha (FRα)-positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer. This indication is specifically for patients who have undergone one to three previous systemic treatment regimens.
ELAHERE, which was acquired by AbbVie in February 2024 through its acquisition of ImmunoGen, received accelerated approval from the FDA in November 2022. The approval was granted after a Phase III trial (MIRASOL) confirmed that treatment with ELAHERE led to improved overall survival and a lower risk of cancer progression by 35%, as stated in a press release by the company.
The ImmunoGen team has worked tirelessly for years to achieve the full FDA approval of ELAHERE for eligible patients with ovarian cancer. ELAHERE is the first and only antibody-drug conjugate (ADC) approved in the US for this challenging malignancy.
ELAHERE is a groundbreaking treatment that offers a significant overall survival benefit for patients with platinum-resistant ovarian cancer. It is particularly effective for patients with folate receptor alpha positive tumors, providing them with a new and promising option. These patients previously had very limited options, but ELAHERE brings about a significant change.
The European Medicines Agency has accepted a marketing authorization application for the ADC in Europe. Additionally, regulatory submissions are currently being reviewed in several other countries.
