Key Takeaways
- Biogen has agreed to pay at least $1.15 billion for biotech firm Human Immunology Biosciences (HI-Bio) as it moves to increase its immunology portfolio.
- The deal includes the possibility of an additional $650 million in milestone payments.
- HI-Bio’s lead asset treats rare kidney diseases.
Biogen (BIIB) announced Wednesday it had purchased privately-held Human Immunology Biosciences (HI-Bio) for at least $1.15 billion to expand its reach into immunology medicines.
The company said that the $1.15 billion was an upfront payment, with the potential for another $650 million if certain milestones are reached.
In a press release, Biogen said that HI-Bio is a biotech company that focuses on “targeted therapies for patients with severe immune-mediated diseases (IMDs).”
HI-Bio’s lead asset, known as felzartamab, is an antibody that treats a type of kidney disease known as primary membranous nephropathy, and also helps kidney transplant patients with a condition where their immune systems make antibodies to attack the new organ. Felzartamab has shown success in Phase 2 studies, and HI-Bio plans to advance both to Phase 3 trials. It is also being analyzed for use against another chronic kidney disease called IgA nephropathy.
Dr. Priya Singhal, Head of Development at Biogen, said felzartamab Is “a strategic addition to the Biogen portfolio as we continue to augment our pipeline and build on our expertise in immunology.”
Biogen shares slipped 1.1% to close Wednesday at $225.21. The stock has lost about a quarter of its value over the past 12 months.
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