Johnson & Johnson‘s (NYSE:JNJ) Janssen Biotech said today that it agreed to acquire BeneVir Biopharm and its T-Stealth oncolytic virus platform.
The privately-held biopharmaceutical company engineers cancer-killing viruses that are designed to infect and destroy cancer cells. Janssen plans to develop BeneVir’s preclinical candidates for the treatment of solid tumor cancers.
According to the terms of the deal, Janssen will pay $140 million upfront, plus an additional $900 million contingent upon predetermined milestones. BeneVir will maintain its presence in Rockville, Maryland and will become part of Janssen’s oncology therapeutic business, the companies said.
“Oncolytic viral immunotherapy holds exciting potential in the treatment of solid tumors through the priming and augmenting of an anti-tumor immune response,” Dr. Peter Lebowitz, head of Janssen’s global oncology therapeutic business, said in prepared remarks.
“We are delighted to add the scientific caliber of the BeneVir team and their oncolytic immunotherapy platform to Janssen’s robust immuno-oncology efforts,” Dr. Mathai Mammen, global head of Janssen’s R&D unit, added. “We are committed to pursue transformational science from our own laboratories and those of others, as we continue to advance our focus on treating some of the world’s most devastating diseases.”
