The information: Pharmaceutical large Amgen agreed to accumulate Rodeo Therapeutics, a Seattle biotech startup creating small-molecule therapies that assist restore and regrow tissues. Its objective is to deal with inflammatory ailments, speed up stem cell reconstitution following bone marrow transplant, and promote liver regeneration.
The phrases: Amgen pays $55 million upfront. The deal contains future contingent funds for as much as $666 million.
Firm background: Rodeo was began by gastrointestinal most cancers skilled Dr. Sanford Markowitz; stem cell and drug growth specialist Dr. Stanton Gerson; and regenerative drugs skilled Dr. Joseph Prepared.
Thong Le is the corporate’s CEO; he’s additionally CEO of Seattle-based Accelerator Life Science Companions, considered one of Rodeo’s buyers that helped launch the startup. Different backers embody AbbVie, Lilly, Arch Enterprise Companions and Johnson & Johnson. The corporate had raised greater than $14 million, in line with PitchBook.
Seattle roots: Amgen beforehand had lots of of workers at a sprawling waterfront campus close to downtown Seattle however closed the area in 2014. The campus is now occupied by Expedia. Amgen extra not too long ago partnered with Seattle biotech large Adaptive Biotechnologies on COVID-related drug growth.