Two Cambridge scientists make millions of dollars after the cancer specialists they found sell to Sanofi for £ 815 million
Two Cambridge scientists will make millions of pounds after the cancer specialists they found have been sold to French drug giant Sanofi for £ 815 million.
Founded in 2010 by Professor Allan Bradley and Dr. Glenn Friedrich, Kymab is a spin-out from the Wellcome Trust’s Sanger Institute.
The company has agreed to be acquired by Sanofi. Shareholders may receive a £ 815m upfront payment and an additional £ 260m worth of installments, depending on whether the goal has been achieved.
Windfall: Sanofi acquires rights to Kymab’s KY1005 drug. This is an antibody therapy that is considered to have the potential to treat a variety of disorders and immune-related disorders.
Companies House records show that Bradley can win about £ 14m with a 1.7% stake and Friedrich can get about £ 4m with a 0.5% stake. Wellcome Trust also owns about 21.4% and will earn £ 175m, according to filings.
Sanofi acquires the rights to Kimab’s KY1005 drug, an antibody therapy that is considered to have the potential to treat a wide range of inflammatory and immune-related disorders. It is still being tested in clinical trials.
Sanofi’s boss, Paul Hudson, said:
The deal is also a big boost for investors in Neil Woodford’s former Patient Capital Investment Trust (now known as Schroders UK Public Private (SUPP)). The sale of oncologist Kimab will receive approximately £ 65 million. However, £ 5 million of this could be subject to clawbacks or late payments.
SUPP said it could also receive an additional £ 20m from milestone payments.
The transaction is expected to close later this year.
Bradley and Friedrich spokesmen declined to comment.
Cambridge scientist jackpot as a company sells for £ 815m
Source link Cambridge scientist jackpot as a company sells for £ 815m