Published: 00:01, 25 April 2017
| Updated: 07:15, 25 April 2017
A developer of anti-cancer technology has been bought in a multi-million pound deal by an Israeli business.
Sandwich-based Agalimmune has been snapped up for $6 million (£4.7m) by Tel-Aviv based BioLineRx, which focuses on treating tumours and boosting the immune system.
Its research has created a synthetic compound which encourages the body’s natural antibodies to fight the spread of cancer.
Pre-clinical studies have been positive and shown robust protection against secondary tumours.
The first in-human trials targeting solid tumours are set to get underway in the first half of next year.
Agalimmune will become a UK subsidiary of BioLineRx and will keep its laboratories at Discovery Park, the business estate which is home to a cluster of drug discovery and development companies.
Former chief executive Damian Marron said: “We are very excited that we have found an ideal partner for our promising therapeutic pipeline.
“We are extremely impressed by BioLineRx’s proven drug development capabilities, as well as their meaningful collaborations with global pharmaceutical companies.
“We strongly believe in the value of our unique platform and we look forward to its accelerated clinical development by BioLineRx with the ongoing support of our talented team of scientists at Discovery Park.”
Established in 2013 and headquartered in London, Agalimmune also has labs in Boston, Massachusetts.
It moved its research centre from Cambridge to Sandwich after a successful grant application to Kent County Council’s Expansion East Kent fund.
The payment for its takeover was split between $3 million (£2.3m) in cash and the rest in BioLineRx shares.
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