RapidEye/E+ via Getty Images Biogen ( NASDAQ: BIIB ) has agreed to acquire Human Immunology Biosciences (HI-Bio), a privately held drug developer focused on severe immune-mediated diseases (IMDs), in a deal worth up to $1.8B, the companies announced Wednesday. Per the terms, Biogen ( BIIB ) will pay $1.
15B upfront and up to an additional $650M in potential milestone payments to acquire HI-Bio. HI-Bio’s lead asset, felzartamab, is a Phase 3-ready human monoclonal antibody targeted at primary membranous nephropathy (PMN) and antibody-mediated rejection (AMR), two immune-related conditions affecting kidneys. A Phase 2 trial is currently underway for felzartamab in IgA nephropathy (IgAN), the primary reason behind chronic kidney disease.
Biogen ( BIIB ) said the deal, expected to close in Q3 2024, will not impact its previously issued 2024 guidance. The company intends to finance the transaction with cash and potentially new debt from its revolving credit agreement. More on Biogen Biogen: Reasons To Be Cheerful After Upbeat Q1 Earnings Biogen: Don't Overthink This One Biogen's Revenue Dip Meets Cost Cuts In Q1 (Rating Upgrade) Biogen also drops collaboration with Ionis on Angelman syndrome candidate Biogen and Ionis drop ALS candidate after trial setback.