PPF Group, an international investment group, has signed an agreement to sell its stake in NBE-Therapeutics to Boehringer Ingelheim. NBE-Therapeutics is using its iADC platform to develop potential best-in-class antibody-drug conjugate (ADC) therapies for the treatment of solid tumors. The lead program NBE-002, an iADC targeting ROR1, entered the Phase I testing in 2020.

The transaction, valued at €1.18 billion, is comprised of an upfront payment to NBE’s shareholders as well as contingent clinical and regulatory milestones. The transaction is subject to customary closing conditions.

NBE-Therapeutics, as part of Boehringer, will remain at its campus in Basel, Switzerland and will continue to support the existing partnership with PPF-owned SOTIO on SOTIO’s two preclinical-stage ADC programs, SO-N102 and SO-N107. SOTIO is focused on developing clinical stage immuno-oncology therapeutics and directing the biotechnology investments of PPF.

Ladislav Bartoníček, shareholder of PPF Group, said, “We are excited for the future of NBE-Therapeutics as part of Boehringer Ingelheim. Boehringer will now use its expertise and commitment to oncology research to realize the potential of the iADC platform to create best-in-class ADC therapies for the benefit of patients. This acquisition validates our business model of investing into companies with potentially game-changing platforms and products.”