Modifi Biosciences Acquired by Merck
by 
Modifi Biosciences, a leader in the development of direct DNA modification enabled cancer therapeutics, had announced that the company has been acquired by Merck, known as MSD outside of the United States and Canada.
“In founding Modifi Biosciences, we sought to radically change the oncology treatment paradigm for cancer patients with glioblastoma and other tumors,” said Ranjit S. Bindra, MD, PhD, Modifi Biosciences Co-founder, Harvey and Kate Cushing, Professor of Therapeutic Radiology at Yale School of Medicine, and Scientific Director of the Yale Brain Tumor Center at Smilow Cancer Hospital. “We are honored to have Merck recognize the potential of our science, and as an oncology company, they are perfectly positioned to advance our innovations through clinical trials and commercialization.”
“DNA repair defects are a frequent hallmark of tumor cells and a major cause of resistance to cancer therapy,” said Dr. David Weinstock, vice president, discovery oncology, Merck Research Laboratories. “The talented Modifi Biosciences team has developed an innovative approach that we believe has potential for treating some of the most refractory cancer types.”
Under the terms of the agreement Merck, through a subsidiary, has acquired all outstanding shares of Modifi Biosciences for $30 million upfront. Modifi Biosciences shareholders are also eligible to receive potential milestone payments totaling up to $1.3 billion.
Visit our upcoming pharma conferences – https://virtueinsight.com/upcoming-conferences/