XOMA sells manufacturing facilities to Agenus

XOMA sells manufacturing facilities to Agenus.
XOMA sells manufacturing facilities to Agenus.
XOMA Corp. has reached an agreement with Agenus, Inc., to sell its manufacturing facilities and their associated equipment that are involved in the production of biologics.

This transaction is valued at $6 million with $5 million being paid in cash and $1 million in Agenus common stock. With the purchase of facilities Agenus will also be granted access to certain antibody technology that has been developed by XOMA.

"We welcome Agenus as our neighbor and our manufacturing collaborator," John Varian, CEO of XOMA, said. “We are very pleased our colleagues will have the opportunity to join Agenus where they can continue their leadership role in creating and advancing manufacturing technologies that allow for cost-effective antibody drug development. With this transaction and the divesture of our biodefense program to Nano therapeutics, we will have trimmed our headcount by over 50 percent, and it will complete our transformation to an endocrine company. We are now laser focused on advancing our deep pipeline of endocrine assets, particularly XOMA 358, to offer new hope to underserved patient populations."

According to the announcement, XOMA recently sold its biodefense program to Nanothereapeutics, Inc., who will be taking on anti-botulinum projects started by XOMA.

XOMA specializes in the development of therapeutic antibodies that have potential as treatment options against several diseases, including gangrenosum and congenital hyperinsulinism.

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