Portage Biotech and Immunova sign LOI for potential iOx Therapeutics acquisition

Portage Biotech, Inc. (NASDAQ: PRTG), a clinical-stage immuno-oncology company advancing innovative therapies to target cancer, has entered into a Letter of Intent (LOI) with Immunova, LLC. Immunova, a privately held Connecticut-based biotechnology firm, seeks to acquire iOx Therapeutics, Ltd., a wholly owned subsidiary of Portage Biotech, as part of a broader strategy to strengthen its clinical pipeline with novel immune-modulating therapies.

Under the terms of the LOI, Immunova or its affiliate is positioned to negotiate a definitive agreement for the acquisition of iOx Therapeutics’ full share capital. iOx Therapeutics is focused on developing lipid-based drugs that enhance immune cell activity, including its lead candidate, PORT-2, a liposomal invariant natural killer T-cell (iNKT) agonist. PORT-2 has demonstrated encouraging early clinical activity, showcasing its potential in advancing immune-driven cancer treatments.

How Does the Portage-Immunova Deal Fit Into Immuno-Oncology Growth?

Portage Biotech’s decision to explore the sale of iOx Therapeutics assets reflects its focus on unlocking value within its immuno-oncology portfolio. The move supports Portage’s commitment to fast-tracking groundbreaking therapies into clinical development, ensuring that promising candidates such as PORT-2 receive the resources and investment needed to achieve their full potential.

Alex Pickett, Chief Executive Officer of Portage Biotech, stated that the collaboration aligns with Portage’s long-term objectives of delivering innovative immuno-oncology therapies while creating value for its shareholders. He emphasized that partnering with Immunova ensures that the lead asset from iOx Therapeutics continues its journey to address urgent unmet needs in cancer treatment.

Immunova’s Chief Executive Officer, Dr. Brian Horsburgh, shared his optimism about the transaction, noting that adding iOx Therapeutics to Immunova’s pipeline reinforces its focus on lipid-based drugs and advanced immune delivery systems. He highlighted the opportunity to create a stronger clinical-stage biotech company dedicated to pioneering immune cell empowerment therapies.

What Is iOx Therapeutics’ Role in Cancer Immunotherapy?

iOx Therapeutics brings specialized expertise in lipid-based delivery mechanisms that target invariant natural killer T-cells, a promising strategy in immunotherapy research. Its lead candidate, PORT-2, works by activating iNKT cells, a subset of immune cells capable of enhancing anti-tumor responses. Early clinical data indicate that PORT-2 holds significant potential for patients with cancers resistant to conventional treatments.

The proposed acquisition reflects growing interest in immune-modulating drugs, particularly those with the ability to leverage lipid formulations to improve efficacy and delivery. As companies like Immunova expand their therapeutic focus, partnerships like this accelerate the development of novel therapies aimed at boosting the body’s natural immune defense mechanisms.

What’s Next for Portage Biotech and Immunova?

The agreement remains subject to negotiations of final terms, regulatory approvals, and customary closing conditions. Both companies have affirmed their commitment to completing the transaction efficiently, with updates expected as milestones are achieved. For Portage Biotech, the deal represents an opportunity to streamline its therapeutic development pipeline while focusing on other high-value immuno-oncology assets.

For Immunova, acquiring iOx Therapeutics enhances its position as a clinical-stage biotech leader in immune cell empowerment therapies. By integrating PORT-2 into its development pipeline, Immunova aims to bring innovative lipid-based drugs closer to patients who need new treatment options for difficult-to-treat cancers.

The Bigger Picture: Immuno-Oncology Innovation

This transaction highlights the growing demand for therapies that modulate immune system pathways, particularly as precision medicine continues to evolve. Immune cell therapies and lipid-based drug technologies are increasingly recognized for their ability to address complex challenges in cancer treatment, offering hope to patients facing limited options.

Portage Biotech’s strategic move to divest iOx Therapeutics aligns with its vision to prioritize high-potential assets and accelerate drug development timelines. Meanwhile, Immunova’s potential acquisition positions it as a frontrunner in the delivery of immune-modulating therapies designed to transform patient outcomes.