SAN FRANCISCO, SAN DIEGO, CASTRES – Pierre Fabre Laboratories has acquired global rights to a suite of pan-RAF program assets, including the investigational drug exarafenib, from Kinnate Biopharma Inc., both companies announced today. The transaction aligns with Kinnate's strategy of exploring strategic alternatives and enables Pierre Fabre Laboratories to extend its precision oncology portfolio.
The agreement, which was finalized without any closing conditions, provides Pierre Fabre Laboratories with the opportunity to offer targeted therapies for patients with RAF and RAS solid tumors. Kinnate's CEO, Nima Farzan, expressed satisfaction with the partnership, noting that the deal would globally expand the reach of their programs, potentially offering new treatments for patients with NRAS driven melanoma and BRAF driven solid tumors.
Francesco Hofmann, Head of Research and Development for Medical Care at Pierre Fabre Laboratories, highlighted the potential of exarafenib to be a best-in-class pan-RAF inhibitor, complementing their existing BRAF and MEK inhibitors portfolio.
Under the terms of the Asset Purchase Agreement (APA), Pierre Fabre Laboratories will take over the ongoing program and associated costs. Kinnate is set to receive up to $31 million, including an immediate $500,000 payment and a contingent $30.5 million payment based on future development milestones. Additionally, Pierre Fabre will assume up to $5 million of trade payables related to the transferred assets.
Kinnate previously announced a transaction with XOMA Corporation that, if closed, would result in Kinnate stockholders receiving 100% of net proceeds from the $30.5 million contingent payment within five years, after applicable deductions as per the Contingent Value Rights Agreement (CVR Agreement).
Lazard (NYSE:LAZ) acted as Kinnate's financial advisor, with Wilson Sonsini Goodrich & Rosati providing legal counsel.
This acquisition is a strategic move for Pierre Fabre Laboratories to strengthen its position in the oncology market, particularly in the area of precision medicine, by adding a promising drug candidate to its portfolio that targets specific genetic alterations in cancer.
The information in this article is based on a press release statement.
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