Centauri will license background IP and expertise on its Alphamer technology to Avvinity
Horizon Discovery Group announces that it has formed an immuno-oncology joint venture, Avvinity Therapeutics with Centauri Therapeutics, a UK-based biotechnology company focused on the discovery and development of novel molecules targeting life-threatening infectious diseases. This transaction represents part of Horizon's previously outlined strategy to invest up to £10 million,(approx. $14.5 million) further leveraged by its IP, technology platforms and know-how, to identify the next generation of molecular and cellular cancer therapeutics.
Avvinity will combine Horizon's gene editing, immunology, oncology and drug discovery capabilities with Centauri's Alphamer technology to provide a powerful and proprietary platform to discover and develop novel immuno-oncology therapeutics, for both solid tumours and leukaemias.
Under the terms of this agreement, Horizon will out-license certain background intellectual property relating to its translational genomics and drug discovery platforms, and will invest up to £5.3 million (approx. $7.5 million) over two tranches with the first tranche of £2.5m ($3.5 m) committed, and the second to be committed at Horizon's discretion pending the progress of three development programs.
Centauri will license background IP and expertise on its Alphamer technology to Avvinity, which will have exclusivity for the field of oncology for an initial three year period and can be extended via the issue of further equity concurrently with the raise of new investment.
Avvinity will be managed jointly by Horizon and Centauri, and based on the investment of IP, technology and the first tranche of funding; Horizon will own 33 percent of Avvinity's equity, representing 50 percent of the most-preferred class of voting shares. Upon completion of the 2nd tranche of funding Horizon will own 49.99 percent of Avvinity's equity, representing 50 percent of the most-preferred class of voting shares. The joint venture will be managed within Horizon as part of the Company's Research Biotech business (formerly Horizon's Leveraged business unit).