Acquisition Agreement with Boehringer Ingelheim for NBE-Therapeutics Marks First Major Biotech Exit for PPF Group

PRAGUE, Czech Republic, Dec. 10, 2020 (GLOBE NEWSWIRE) -- PPF Group, an international investment group, today announced the signing of a binding agreement to sell its stake in NBE-Therapeutics to Boehringer Ingelheim. NBE-Therapeutics is using its proprietary iADC™ platform to develop potential best-in-class antibody-drug conjugate (ADC) therapies for the treatment of solid tumors. The lead program NBE-002, an iADC targeting ROR1, entered the Phase 1 clinical testing in 2020.

The transaction is worth up to €1.18 billion, and is comprised of an upfront payment to NBE’s shareholders as well as contingent clinical and regulatory milestones. Transaction is subject to customary closing conditions.

PPF Group initially invested into NBE four years ago, and was NBE’s largest shareholder at the time of the acquisition.

NBE-Therapeutics, as part of Boehringer, will remain at its campus in Basel, Switzerland and will continue to support the existing partnership with PPF-owned SOTIO on SOTIO’s two preclinical-stage ADC programs, SO-N102 and SO-N107. SOTIO is focused on developing clinical stage immuno-oncology therapeutics and directing the biotechnology investments of PPF.

“We’d like congratulate the NBE team on this major achievement and express our sincere gratitude to everybody who supported this journey over the last years,” said Jens Hennecke, Ph.D., chief business officer of SOTIO and a member of the board of directors of NBE. “From the beginning, we have been excited about the prospect of NBE’s iADC platform. This landmark acquisition, one of the largest of its kind in Europe, provides an important validation for our approach and points to the significant value of our two ADC candidates, SO-N102 and SO-N107. We look forward to continuing our partnership with NBE-Therapeutics to advance SO-N102 into the clinics by the end of 2021 and continue the preclinical activities for SO-N107.”

Ladislav Bartoníček, shareholder of PPF Group, added, “We are excited for the future of NBE-Therapeutics as part of Boehringer Ingelheim. Boehringer will now use its expertise and commitment to oncology research to realize the potential of the iADC platform to create best-in-class ADC therapies for the benefit of patients. This acquisition validates our business model of investing into companies with potentially game-changing platforms and products.”

Notes for Editors
PPF Group invests in multiple market segments including financial services, telecommunications, media, biotechnology, real estate and mechanical engineering. PPF Group’s growth rests on the development of traditional and new industries, the building of modern infrastructure, the digital economy and linking up Czech talent and capabilities with global opportunities. PPF Group’s reach spans from Europe to North America and across Asia. The Group owns assets worth EUR 44 billion and employs 98,000 people globally (as at 30 June 2020). PPF pays income taxes in each of 25 countries in which it operates and generates profit.

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SOTIO is shaping the future of cancer immunotherapies by translating compelling science into patient benefit. SOTIO’s robust clinical pipeline includes a differentiated superagonist of the attractive immuno-oncology target IL-15, a platform to streamline personalized active immune cell therapies and a new generation of potent and stable antibody-drug conjugates (ADCs). SOTIO is a member of the PPF Group. For more information, please visit the company’s website at sotio.com. SOTIO is a registered trademark of SOTIO a.s. in selected countries.