AbbVie to acquire Landos Biopharma got $20.42 per share in cash

AbbVie (ABBV) and Landos Biopharma (LABP) announced a definitive agreement under which AbbVie will acquire Landos. Landos’ lead investigational asset is NX-13, a first-in-class, oral NLRX1 agonist with a bimodal mechanism of action, which is anti-inflammatory and facilitates epithelial repair. “With this acquisition, we aim to advance the clinical development of NX-13, a differentiated, first-in-class, oral asset with the potential to make a difference in the lives of people living with ulcerative colitis and Crohn’s disease,” said Roopal Thakkar, M.D., senior vice president, chief medical officer, global therapeutics, AbbVie. Under the terms of the agreement, AbbVie will acquire Landos at a price of $20.42 per share in cash upon closing, or approximately $137.5 million in the aggregate, plus one non-tradable contingent value right per share with a value of up to $11.14 per share, or approximately an additional $75 million in the aggregate, subject to the achievement of a clinical development milestone. The proposed transaction is expected to close in the second calendar quarter of 2024, subject to customary closing conditions, including approval by Landos’ stockholders.