Merck acquires cCAM Biotherapeutics for $95M in cash
Wednesday, July 29, 2015
Merck & Co has signed a definitive agreement to acquire cCAM Biotherapeutics, a privately held, Israel-based biopharmaceutical company focused on the discovery and development of novel cancer immunotherapies.
Merck, through a subsidiary, will acquire all outstanding stock of cCAM in exchange for an upfront payment of $95 million in cash. In addition, cCAM shareholders of record are eligible to receive a total of up to $510 million associated with the attainment of certain clinical development, regulatory and commercial milestones. The transaction is subject to certain closing conditions.
“We continue to strengthen our portfolio of immunotherapeutic candidates through strategic collaborations and acquisitions,” said Dr. Roger M. Perlmutter, president, Merck Research Laboratories. “The acquisition of cCAM supports our objective to advance the care of patients with cancer by stimulating tumor-directed immune responses.”
The acquisition provides Merck with several early immunotherapy candidates, including cCAM Biotherapeutics’ lead pipeline candidate CM-24, a novel monoclonal antibody (mAb) targeting the immune checkpoint protein CEACAM1 that is being evaluated in a phase I study for the treatment of advanced or recurrent malignancies, including melanoma and non-small cell lung, bladder, gastric, colorectal and ovarian cancers. cCAM Biotherapeutics will become a wholly owned subsidiary of Merck and continue to advance the development of CM-24 in its ongoing phase I clinical trial.