Seattle Genetics to acquire Cascadian Therapeutics to boost oncology portfolio
Pharma acquisition news : Seattle Genetics has made a deal of about $614 million to acquire Cascadian Therapeutics, a California-based biotechnology company focused on the development of oncology products, in a move to bolster its portfolio of solid tumor programs.
Under the terms of the Seattle Genetics acquisition of Cascadian Therapeutics, the former will pay $10 in cash for each of the shares of the Californian biotechnology company.
The merger with Cascadian Therapeutics will see the Washington State-based Seattle Genetics add a late-stage breast cancer program to its oncology pipeline in the form of tucatinib.
A small molecule tyrosine kinase inhibitor (TKI), tucatinib targets HER2, a growth factor receptor that is overexpressed in breast, colorectal, ovarian, gastric and other cancers.
Cascadian Therapeutics is currently evaluating tucatinib in the HER2CLIMB phase 2 clinical trial which features HER2-positive (HER2+) metastatic breast cancer patients.
Tucatinib had succeeded in a phase 1b program in which it was assessed as a single agent and also in combination with both chemotherapy and Herceptin (trastuzumab) and Kadcyla (trastuzumab emtansine) among other HER2-directed agents.
The findings from the phase 1b clinical program showed that the combination of tucatinib with capecitabine and trastuzumab was overall well-tolerated and that it demonstrated clinical activity in patients, irrespective of whether they had brain metastases.
Commenting on Seattle Genetics acquisition of Cascadian Therapeutics, Clay Siegall – President and CEO of Seattle Genetics, said: “This acquisition would enhance our late-stage clinical pipeline with a potentially best-in-class, orally available and highly selective TKI for patients with HER2-positive metastatic breast cancer.
“Tucatinib would complement our existing pipeline of targeted cancer therapies, provide a third late-stage opportunity for a commercial product in solid tumors and expand our global efforts in breast cancer. It also leverages our broad expertise and resources to advance and expand the tucatinib program for patients.
“Beyond breast cancer, we believe there may be opportunities for tucatinib in other tumor types, such as HER2-positive metastatic colorectal cancer.”
Cascadian Therapeutics is also working on an immuno-oncology agent which is at a preclinical development stage.
Scott Myers – President and CEO of Cascadian Therapeutics, commenting on Seattle Genetics acquisition of Cascadian Therapeutics, said: “This agreement represents a very positive outcome for patients with HER2-expressing cancers, our employees and for our stockholders.
“Seattle Genetics has the development and commercial capabilities and the resources needed to more fully realize the potential of tucatinib as a new best-in-class treatment option for metastatic breast cancer, colorectal cancer and potentially for other indications.”
Seattle Genetics is fresh from its success of Adcetris (brentuximab vedotin) which secured an approval in the European Union last month to include the treatment of cutaneous T-cell lymphoma (CTCL) in adult patients who were positive to the CD30 receptor and who had more than one prior systemic therapy.
According to the latest pharma acquisition news, Seattle Genetics acquisition of Cascadian Therapeutics is anticipated to be over during the first quarter of 2018 subject to meeting of customary closing conditions.