Upcoming AWS Coverage on Immunomedics Post-Earnings Results
LONDON, UK / ACCESSWIRE / November 3, 2016 / Active Wall St. blog coverage looks at the headline from Celldex Therapeutics, Inc. (NASDAQ: CLDX) as the company announced on November 01st, 2016, that it has entered into a definitive agreement to acquire Kolltan Pharmaceuticals, Inc., a privately held clinical-stage company focused on the discovery and development of novel, antibody-based drugs targeting receptor tyrosine kinases (RTKs), for $62.5 million in stock. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
Celldex Therapeutics is expected to report third quarter 2016 results on November 3, 2016. One of its competitors within the Biotechnology space, Immunomedics Inc. (NASDAQ: IMMU), reported its financial results for Q1 ended September 30, 2016, after the close of U.S. financial markets on Wednesday, November 2, 2016. AWS will be initiating a research report on Immunomedics in the coming days.
Today, AWS is promoting its blog coverage on CLDX; touching on stocks like IMMU. Get all of our free blog coverage and more by clicking on the link below:
Kolltan has reported clinical and preclinical data that its drug candidates can help overcome tumor resistance mechanisms associated with current tyrosine kinase inhibitors and seen in patients who have failed other cancer therapies. Celldex believes Kolltan's clinical candidates and preclinical platform are highly compatible with the Company's scientific approach and can be developed independently and in combination with Celldex's existing product candidates.
Anthony Marucci, Co-founder, President and Chief Executive Officer of Celldex Therapeutics stated:
"The acquisition of Kolltan provides Celldex with a truly unique platform of antibodies targeting receptor tyrosine kinases which we believe are highly compatible with our pipeline. We believe this acquisition complements our leadership position in immuno-oncology and enhances our ability to develop targeted therapeutic regimens to dramatically improve patient outcomes."
What Will Celldex Gain from the Acquisition?
Upon closing of the acquisition of Kolltan, Celldex Therapeutics' clinical pipeline will include seven drug candidates including therapeutic antibodies, antibody-drug conjugates (ADCs) and immune system modulators, which are being tested in a range of difficult-to-treat indications in oncology. This broad pipeline allows for novel combination approaches, several of which are already under study. In addition, Celldex Therapeutics would have two active preclinical programs.
Some of the Key drugs in the pipeline in Kolltan's portfolio are:
KTN0158 – a humanized monoclonal antibody that is a potent inhibitor of KIT activation in tumor cells and mast cells; currently in a Phase 1 dose escalation study in refractory gastrointestinal stromal tumors (GIST). KTN0158 prevents KIT activation by blocking receptor dimerization. This mechanism may be effective even in tumors harboring the most common resistant mutations to Gleevec® and is unlikely to drive resistance. Preclinical data demonstrate that KIT inhibition in certain immune cells with KTN0158 enhances the activity of checkpoint blockade.
KTN3379 – a human monoclonal antibody designed to block the activity of ErbB3 (HER3); clinical activity including meaningful responses and stable disease has been observed in a Phase 1b study in cetuximab (Erbitux®) refractory patients in head and neck squamous cell carcinoma and in BRAF-mutant non-small cell lung cancer (NSCLC). The proposed mechanism of action for KTN3379 sets it apart from other drugs in development in this class due to its ability to block both ligand-independent and ligand-dependent ErbB3 signaling by binding to a unique epitope. It also has a favorable pharmacologic profile, including a longer half-life relative to other drug candidates in this class.
A multi-faceted TAM program – a broad antibody discovery effort underway to generate antibodies that modulate the TAM family of RTKs, comprised of Tyro3, AXL and MerTK, which are expressed on tumor-infiltrating macrophages, dendritic cells and some tumors. In oncology, as with PD-1 and other checkpoints, TAMs regulate the immune response to cancer.
Under terms of the agreement, Celldex Therapeutics will acquire Kolltan in a stock-for-stock transaction, in which the upfront payment represents an equity value of approximately $62.5 million. In addition, Kolltan's shareholders are eligible to receive additional payments of up to $172.5 million upon the completion of specific development, regulatory, and commercial milestones. The transaction, which is subject to approval from Kolltan's stockholder and other customary closing conditions, is expected to be completed by end of 2016. The Boards of Directors of both Celldex Therapeutics and Kolltan Pharmaceuticals have already approved the transaction.
On Wednesday, Celldex Therapeutics' stock closed the trading session at $3.15, marginally up by 0.96% from its previous closing price of $3.12. A total volume of 2.45 million shares have exchanged hands, which was higher than the 3-month average volume of 2.18 million shares. The stock currently has a market cap of $319.69 million.
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