Rockville, MA-based MacroGenics has struck a deal to buy Raven Biotechnologies, a South San Francisco-based developer of oncology drugs. MacroGenics said it plans to issue stock to complete the buyout, but didn't disclose any details. Raven has developed a portfolio of proprietary cancer stem cells from primary tumors and has generated more than 1,300 monoclonal antibodies, "including many that target cancer stem cells and cancers of the lung, colon, pancreas, prostate, breast and ovary."
"Raven's discovery platform in cancer stem cell biology is highly complementary to MacroGenics' proprietary Fc-optimization and next-generation antibody platforms," said Scott Koenig, M.D., Ph.D., the president and CEO of MacroGenics. "We believe that this acquisition provides MacroGenics with critical mass in oncology discovery, which is one of the most scientifically and commercially promising areas of drug development... Moreover, with the wealth of these assets, we will expand our pursuit of collaborations and other strategic alliances with pharmaceutical and biotechnology companies."
- read the buyout release