Affimed sells AbCheck unit for $6M
by
Contributor since / Followers
Contributor since / Followers
1 year ago
Design Cells
- Immuno-oncology company Affimed (NASDAQ:AFMD) announced on Wednesday a deal to sell its wholly-owned subsidiary, AbCheck.
- Founded in 2009 as a spin-out of Affimed’s antibody technology discovery unit, AbCheck discovers and optimizes human antibodies leveraging several proprietary platforms including in vitro/in vivo technologies.
- The business is being acquired by biotechnology startup Ampersand Biomedicines for a purchase price of $6M. The consideration consists of $5M in cash to be paid in two tranches, and $1M in Ampersand common stock, subject to certain adjustments and a holdback.
- Affimed (AFMD) is also entitled to receive milestone payments from a pre-existing AbCheck partnership.
- Shares of Affimed (AFMD) rose 8.6% in premarket hours