Panther Agrees to Acquire Faulk’s Pharma Assets

Panther Biotechnology, Inc., a Chicago-based biotechnology company specializing in development therapeutics for treating neoplastic and autoimmune disorders, has agreed to acquire the pharmaceutical technology assets of Faulk Pharmaceuticals, Inc, a Raleigh, North Carolina-based pharmaceutical company. The assets include a ligand-drug conjugate technology platform as well as a pipeline of drug product candidates in oncology (including molecules targeting certain cancer stem cells), autoimmune, antiviral, and other disease indications.

Under the terms of the agreement, in exchange for substantially all the assets of Faulk Pharmaceuticals, Panther will issue shares of the common stock of Panther Biotechnology, Inc. in addition to a tiered royalty payment agreement based on the achievement of specified revenue milestones for any commercialized products based on the acquired technology. As part of the agreement, Panther will also gain access to a research and development network and a portfolio of domestic and international patents. The transaction is expected to close by the end of May.

Faulk’s lead development program is a ligand-drug conjugate, TRF-DOX, a combination of transferrin glycoproteins with doxorubicin for targeted delivery to tumors with the reduction of serious side effects. The drug is begin studied in various cancers. Panther plans to submit applications for a Phase II study in ovarian cancer and a Phase Ia/1b study in lung cancer.

Source: Panther Biotechnology

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