Scienza e Tecnologia
Northwest Biotherapeutics Announces Agreement to Acquire Advent BioServices Ltd.
As reported in the Company's recent Form 10-Q, the Company and Advent have been doing strategic planning for some time to consolidate the operations of the London GMP facility and the Sawston GMP facility. The parties have also been planning for increased focus on ramp-up of manufacturing in Sawston, now that years of intensive product and process development work have been completed by Advent for the Marketing Authorization Application (MAA) and the DCVax®-Direct program. Joining the two companies is expected to facilitate implementation of these plans.
The consideration for the acquisition will be paid in installments over two years, beginning 90 days after the acquisition agreement, with potential acceleration after regulatory approval of the Company's DCVax®-L product. The consideration will include a payment of £1.4 million, and payment of the net amount of accounts payable ("Net AP") due from the Company to Advent as of the date of the acquisition agreement for services already performed by Advent under the existing service contracts and Statements of Work (SOWs) that have been reported in the Company's public filings. The Net AP payable by the Company will be the outstanding accounts payable on the agreement date reduced by certain adjustments between the parties.
"This is an exciting day for the Company, entering into an agreement to bring its manufacturing and product development operations in-house," commented Linda Powers , the Company's CEO. "We believe this is an opportune time to join forces under one roof, integrating our teams, streamlining our processes, increasing our efficiency and preparing for potential substantial scale-up of our capacity."
Northwest Biotherapeutics is a biotechnology company focused on developing personalized immunotherapy products that are designed to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis. The Company has a broad platform technology for DCVax dendritic cell-based vaccines. The Company's lead program involves DCVax -L treatment for glioblastoma (GBM). GBM is the most aggressive and lethal form of primary brain cancer, and is an "orphan disease." The Company has completed a 331-patient Phase III trial of DCVax-L for GBM, presented the results in scientific meetings, published the results in JAMA Oncology and submitted a MAA for commercial approval in the UK. The MAA is currently undergoing review. The Company has also developed DCVax -Direct for inoperable solid tumor cancers. It has completed a 40-patient Phase I trial and plans to pursue Phase II trials this year. The Company previously conducted a Phase I/II trial with DCVax-L for advanced ovarian cancer together with the University of Pennsylvania .
Dave Innes
804-513-6758
dinnes@nwbio.com
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