Janssen Pharmaceutical of Johnson & Johnson, with a research campus in Spring House, has finalized its $750 million acquisition of the rights to XBiotech’s bermekimab, a new drug candidate with the potential to treat multiple dermatological conditions, writes John George for the Philadelphia Business Journal.
The deal also involves a number of employees transferring from XBiotech to become part of Janssen’s staff.
In addition to $750 million, XBiotech may receive additional payments of up to $600 million if several product development milestones are realized. These milestones are connected to possible additional indications for the drug candidate outside of dermatology.
Following the acquisition, Janssen Research & Development will take over the development of bermekimab. Horsham-based Janssen Biotech executed the purchase agreement.
According to Dr. David Lee, head of Janssen Research and Development’s immunology therapeutics area, Johnson & Johnson has a “long legacy” of helping patients with dermatological conditions.
“The acquisition of bermekimab allows us to build on our expertise in immuno-dermatology, while expanding to atopic dermatitis and hidradenitis suppurativa, immune-mediated disease areas that have incredible unmet need,” said Lee.
Read more about the acquisition at the Philadelphia Business Journal by clicking here.
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