AbbVie Inc. (NYSE: ABBV) (“AbbVie”) and Landos Biopharma, Inc. (NASDAQ: LABP) (“Landos”) have announced a definitive agreement today, wherein AbbVie will acquire Landos, a clinical stage biopharmaceutical company primarily focused on developing novel oral therapeutics for patients with autoimmune diseases. Landos’ leading investigational asset is NX-13, an oral NLRX1 agonist (a member of the NOD-like receptor family) with a bimodal mechanism of action (MOA), which exhibits anti-inflammatory properties and facilitates epithelial repair.
Dr. Roopal Thakkar, Senior Vice President and Chief Medical Officer, Global Therapeutics at AbbVie, commented, “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.”
Gregory Oakes, President, and CEO of Landos, stated, “This announcement underscores Landos’ commitment to our mission of developing oral treatments to address a therapeutic gap. NX-13 and its bimodal MOA hold promise for providing a novel approach to treating ulcerative colitis and Crohn’s disease.”
NLRX1 plays a pivotal role in regulating immunometabolism and inflammation, influencing various mechanisms in the pathogenesis of inflammatory bowel disease (IBD). The Phase 2 NEXUS clinical trial, a randomized controlled study evaluating NX-13 in UC, is currently enrolling patients in the United States and Europe (NCT05785715).
Under the terms of the agreement, AbbVie will acquire Landos for $20.42 per share in cash upon closing, totaling approximately $137.5 million, along with one non-tradable contingent value right per share valued at up to $11.14, or approximately an additional $75 million, contingent upon achieving a clinical development milestone. The transaction is expected to close in the second calendar quarter of 2024, subject to customary closing conditions and approval by Landos’ stockholders.
The NEXUS study is a Phase 2 proof-of-concept trial assessing NX-13 in patients with moderate to severe UC. It is a randomized, multicenter, double-blind, placebo-controlled study involving 80 patients with moderate to severe UC, with a 12-week induction period and a long-term extension (LTE) phase. The trial aims to evaluate the clinical efficacy, safety, and pharmacokinetics of oral NX-13 versus placebo (NCT05785715 ClinicalTrials.gov).
AbbVie’s legal advisor for the transaction is Paul, Weiss, Rifkind, Wharton & Garrison LLP, while Landos’ financial advisor is Jefferies LLC, and Cooley LLP serves as legal advisor.
AbbVie is dedicated to discovering and delivering innovative medicines across key therapeutic areas such as immunology, oncology, neuroscience, and eye care. Landos Biopharma focuses on developing first-in-class, oral therapeutics for patients with autoimmune diseases. Its current focus is on advancing the clinical development of NX-13 in UC.
This press release serves for informational purposes only and does not constitute an offer or solicitation. Forward-looking statements in this release are subject to various risks and uncertainties. Readers are advised not to rely excessively on such statements, and both AbbVie and Landos decline any obligation to update forward-looking statements based on subsequent events or developments, except as required by law.
