Kinnate Biopharma Inc. Sells Its Investigational Pan-RAF Inhibitor, exarafenib, to Pierre Fabre Laboratories
-
Kinnate has entered into an Asset Purchase Agreement (the "APA") with
Pierre Fabre Laboratories for global rights to exarafenib and other pan-RAF program assets. - The transaction is in furtherance of Kinnate's previously announced pursuit of strategic alternatives.
-
This acquisition is intended to enable
Pierre Fabre Laboratories to pursue its efforts in the field of precision oncology and provide it the opportunity to broaden its reach to patients in need for targeted therapies in RAF and RAS solid tumors.
"We are delighted to partner with
"Based on the clinical and preclinical data generated to date, we believe exarafenib may present a best-in-class product profile as a pan-RAF inhibitor targeting solid tumors such as NRAS mutant melanoma, for which there are currently no approved targeted therapies. The addition of exarafenib and other pan-RAF program assets from Kinnate is complementary to our existing BRAF and MEK inhibitors portfolio with encorafenib and binimetinib. This acquisition continues to expand our efforts in precision oncology and provide us with the opportunity to broaden our reach to patients in need for targeted therapies in RAF and RAS solid tumors," added
Under the terms of the APA,
As previously announced in connection with Kinnate's transaction with XOMA Corporation ("XOMA"), Kinnate stockholders will receive 100% of the net proceeds (after deducting appliable costs, expenses, taxes or other deductions pursuant to the Contingent Value Rights Agreement to be entered into in connection with the proposed transaction with XOMA (the "CVR Agreement")) payable from the
Lazard served as financial advisor to Kinnate, and
About
For more information, visit
Kinnate.com
and follow the company on
LinkedIn
to learn about its most recent initiatives.
About Pierre Fabre Laboratories
Further information about
Important Additional Information and Where to Find It
In connection with the proposed acquisition of Kinnate, XOMA or its affiliates will commence a tender offer for all of the outstanding shares of Kinnate (the "Offer") pursuant to the terms of an Agreement and Plan of Merger, dated as of
Cautionary Note Regarding Forward-Looking Statements
This communication contains forward-looking statements, including, but not limited to, statements regarding the intended effect of the transaction on Pierre Fabre Laboratories' future activities; statements by the Company's Chief Executive Officer and Pierre Fabre Laboratories' Head of Research and Development for Medical Care; the consideration to be received by the Company under the APA; the liabilities to be assumed by Pierre Fabre Laboratories under the APA; the Company's beliefs and expectations and statements about the CVR Agreement; and the potential payment of proceeds to the Company's stockholders, if any, pursuant to the APA and the CVR Agreement, including with respect to any net proceeds or contingent payments related to exarafenib or any other pan-RAF asset under the APA. These statements may be identified by their use of forward-looking terminology including, but not limited to, "anticipate," "believe," "continue," "could," "estimate," "expect," "goal," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," and "would," and similar words expressions are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected, expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the possibility that various closing conditions set forth in the Merger Agreement may not be satisfied or waived, including uncertainties as to the percentage of the Company's stockholders tendering their shares in the Offer; the possibility that competing offers will be made; the Company's ability to retain key personnel; the risk that the Offer, the merger of Merger Sub with and into the Company and the other transactions contemplated by the Merger Agreement and the CVR Agreement (collectively, the "Transactions") may not be completed in a timely manner, or at all, which may adversely affect the Company's business and the price of its common stock; significant costs associated with the proposed Transactions; the risk that any stockholder litigation in connection with the Transactions may result in significant costs of defense, indemnification and liability; the risk that activities related to the CVR Agreement may not result in any value to the Company's stockholders; and other risks and uncertainties discussed in the Company's most recent annual and quarterly reports filed with the
The forward-looking statements contained in this communication are made as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise, except as expressly required by law. All forward-looking statements in this document are qualified in their entirety by this cautionary statement.
Kinnate Contact:
Investors@kinnate.com
Pierre Fabre Laboratories Media Contact:
laurence.marchal@pierre-fabre.com
Logo - https://mma.prnewswire.com/media/2351631/Pierre_Fabre_Kinnate_logo.jpg
View original content to download multimedia:https://www.prnewswire.com/news-releases/kinnate-biopharma-inc-sells-its-investigational-pan-raf-inhibitor-exarafenib-to-pierre-fabre-laboratories-302076211.html
SOURCE Pierre Fabre