DURHAM – Chimerix (Nasdaq: CMRX) is buying a privately held biotech company that is focusing on emerging therapies to combat cancer.
In a deal announced Friday, Chimerix said it is acquiring privately held Oncoceutics for $78 million plus milestones that could total $360 million and royalties totalling as royalties. The purchase price is split evenly between cash and Chimerix stock.
The deal covers three lines of compounds called imipridones.
“Oncoceutics represents a transformative acquisition for Chimerix, positioning the company with five assets across all stages of development and delivering on our goal to focus on oncology opportunities,” said Chimerix CEO Mike Sherman.
Lead product in development at Oncoceutics is ONC201 which Chimerix says “has been shown in clinical testing to selectively induce cell death in multiple cancer types.”
ONC201 is currently in a registrational clinical trial for recurrent H3 K27M-mutant glioma and a confirmatory response rate assessment is expected in 2021.
Oncoceutics is based in Philadelphia.
Original Article Source: WRAL TechWire