Korean bio companies SCM Life Science and Genexine have teamed up to acquire US-based Argos Therapeutics, the companies announced Wednesday.
Argos Therapeutics, a cancer vaccine developer, is to be renamed CoImmune. It will continue as an independent entity in the US.
Through the acquisition valued at 12.5 billion won ($11.1 million), SCM Life Science and Genexine now co-own Argos’ 1,860 square-meter stem cell drug manufacturing facility, human resources and intellectual property. SCM Life Science holds 51 percent of the stake and Genexine has 49 percent.
Argos, located in Durham, North Carolina, was listed on the Nasdaq until early 2018. The firm has experience in phase 3 clinical trials of a dendritic cell-based personalized cancer vaccine in the US, Europe and Israel, with some 460 renal cancer patients. Argos failed to finalize the statistical efficacy of its vaccine in comparison to the original drug, but both SCM Life Science and Genexine are confident Argos’ clinical trial expertise will be beneficial for their US entry.
Genexine and SCM Life Science will co-establish a future business strategy for CoImmune for their respective clinical developments.
By Lim Jeong-yo (email@example.com