Pharmaceutical giant GSK has entered into an asset purchase agreement with Chimagen Biosciences to acquire a trispecific T-cell engager (TCE) for a potential total consideration of up to USD750 million. Latham & Watkins and Cooley advised on the transaction.
In a press release, GSK described Chimagen’s TCE as “potentially best-in-class”. The company plans to develop and commercialise TCE for the treatment of multiple myeloma, with a phase I clinical trial expected to begin in 2027.
Under the agreement, GSK will make an upfront payment to acquire full worldwide rights to the TCE programme. Chimagen will also be eligible to receive further payments after achieving certain development and commercial milestones.
Latham & Watkins advised GSK through a team led by London partner Lydia Torne. New York partner Leah Sauter, Washington partner Patrick English and Hong Kong partner Howard Lam provided advice on corporate, antitrust and finance matters, respectively.
Cooley acted as legal counsel to Chimagen. Its team included partners Liu Yiming, Rama Padmanabhan and Marya Postner, with support from partners Shawn Yu, Alexander Lee, David Wilson, Stella Sarma and Tom Epps.
Founded in 2016 and headquartered in Chengdu, Chimagen is a clinical-stage biotechnology company. Drawing on its proprietary antibody-engineering platforms, the company develops novel multi-specific T-cell and natural killer cell engagers.
