Korean firms Genexine and SCM Life science announced on Feb. 13 that they have jointly acquired US biotech firm Argos Therapeutics for around 12.5 billion won (US$ 11.14 million) through an auction.
Established in 1997, Argos, located in North Carolina, was listed on NASDAQ until 2018. The firm mainly develops dendritic cell-based vaccines, customized for different cancer patients.
Argos will maintain its own identity, although it will be renamed CoImmunes, and will be managed by the two Korean firms together.
“We highly regarded Agros’ experience of conducting phase 3 clinical trials among large groups of patients in the US and other countries. It also has facilities to develop advanced medicines,” a Genexine official said.
The company added that Argos’ cancer therapeutic vaccines have a high possibility of making synergies with its GX-I7, a treatment for persistent human papilloma virus infections and solid tumors.
SCM Life science CEO Lee Byung-gun also noted that he expects this acquisition to help the company expand its presence in the global market.
The two Korean companies plan to hire more qualified researchers in North Carolina to quickly normalize Agros so it becomes a global firm that develops customized drugs.
By Song Seung-hyun (firstname.lastname@example.org)