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AbbVie will buy drug developer Landos Biopharma for up to $212 million as the Humira-maker aims to expand its pipeline of medicines to treat immune system-related illnesses, the companies said on Monday.
Landos is conducting a mid-stage study of its lead experimental drug NX-13 in an inflammatory bowel disorder called ulcerative colitis.
AbbVie’s blockbuster drug Rinvoq is approved to treat the disease, and the company has also sought the U.S. Food and Drug Administration’s support for its other key drug, Skyrizi.
Under the deal, AbbVie will buy Landos for $20.42 per share in cash, or about $137.5 million. The offer marks a 161% premium to Friday’s close of $7.83. Landos’ shares surged to $22.13 before the bell after a short trading halt.
AbbVie has also agreed to pay Lando’s shareholders up to $11.14 per share, or around $75 million, contingent on certain clinical development milestones.
The companies said the deal is expected to close in the second quarter.
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