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invoX Pharma, a subsidiary of Sino Biopharmaceutical, has completed the acquisition of F-star Therapeutics for approximately $161 million or $7.12 per share. F-star is a clinical-stage biopharmaceutical company specializing in bispecific antibodies for immunotherapy, currently conducting Phase 2 trials for various cancers in Europe and the U.S. The acquisition received all necessary regulatory approvals, including from the Committee on Foreign Investment in the U.S. and the U.K.'s National Security and Investment Act. This acquisition is expected to enhance invoX's oncology pipeline and provide continued access to therapies for patients enrolled in F-star's clinical studies.
F-star Therapeutics (NASDAQ: FSTX) announced that the Committee on Foreign Investment in the United States (CFIUS) has cleared the all-cash acquisition by invoX Pharma Limited. This clearance completes the necessary regulatory requirements for the merger. The ongoing tender offer is set to expire on March 8, 2023, requiring more than 50% of F-star's shares to be tendered for the merger to proceed. As of prior expiration dates, nearly 70% of issued shares were already tendered. Successful completion of the tender offer will allow the merger to finalize promptly.
LONDON, Jan. 26, 2023 (GLOBE NEWSWIRE) -- invoX Pharma, a subsidiary of Sino Biopharmaceutical, and F-star Therapeutics, Inc. (FSTX), announce ongoing discussions with the Committee on Foreign Investment in the United States (CFIUS) regarding a mitigation agreement to address national security concerns over their pending transaction. The parties aim to finalize this agreement by the January 31, 2023 expiration date. The Merger Agreement allows for termination if certain conditions are not met. The outcome remains uncertain as they continue to negotiate with CFIUS.
F-star Therapeutics, Inc. (NASDAQ: FSTX) announced promising clinical data for its bispecific antibody, FS222, targeting cancer. At the ESMO-IO Congress, results revealed one complete response and six disease stabilizations among patients with advanced solid tumors. This tetravalent antibody effectively engages PD-L1 and CD137, enhancing T-cell activation. The phase 1 study included 33 patients, with a median treatment duration of 58 days. Most adverse events were manageable, but one patient experienced severe neutropenia. Ongoing dose escalation is expected to further establish FS222's potential.
F-star Therapeutics announced positive Phase 1 trial results for FS118, a bispecific antibody targeting LAG-3 and PD-L1, published in Clinical Cancer Research.
The therapy demonstrated a 54.8% disease control rate in patients with PD-L1 acquired resistance, achieving one partial response in a patient with Anaplastic Thyroid Cancer. FS118 was well-tolerated across all dose levels with no serious adverse events, establishing a recommended Phase 2 dose of 10 mg/kg weekly. Further studies are underway in various cancer types, showcasing the potential for improved immunotherapy outcomes.
F-star Therapeutics (NASDAQ: FSTX) announced its Q2 2022 highlights, reporting a net loss of $19.0 million, or $0.88 per share, compared to a net loss of $15.5 million, or $0.91 per share, in Q2 2021. The company is set to be acquired by invoX Pharma for $7.12 per share, totaling approximately $161 million, pending regulatory approvals. Progress in clinical programs includes the FS118 trial for head and neck cancer, which cleared its futility hurdle, and the initiation of combination dosing with FS120 and KEYTRUDA®. Cash reserves stand at $53 million as of June 30, 2022.
invoX Pharma Limited, a subsidiary of Sino Biopharmaceutical Limited, has extended its tender offer for F-star Therapeutics, Inc. shares at $7.12 per share, now set to expire on September 19, 2022. The extension is to satisfy additional regulatory conditions. As of the previous deadline, around 13 million shares were tendered. All terms of the offer remain unchanged, and shareholders do not need to take further action. The tender is part of invoX's strategy to enhance its oncology portfolio.
F-star Therapeutics (NASDAQ: FSTX) announced a license agreement with Takeda to develop a bispecific antibody for immuno-oncology. F-star will receive a $1 million upfront fee, with potential milestone payments of up to $40 million and royalties on sales. This partnership aims to enhance cancer treatments using F-star's proprietary Fcab™ and mAb2™ platforms. The collaboration underscores F-star's commitment to advancing immunotherapeutics for cancer patients, leveraging cutting-edge technology to improve patient outcomes.
On July 7, 2022, invoX Pharma Limited, a subsidiary of Sino Biopharmaceutical Limited, initiated a cash tender offer to acquire all outstanding shares of F-star Therapeutics, Inc. (NASDAQ:FSTX) at
Proposed acquisition of F-star Therapeutics by invoX Pharma, valued at approximately US$161 million, at $7.12 per share, aims to boost Sino Biopharm's international R&D platform in biopharmaceuticals. This transaction, unanimously approved by both Boards, underscores F-star's advanced bispecific antibody technology and strategic alignment with Sino Biopharm's global oncology pipeline. The tender offer is expected to commence within 10 business days and close in the second half of 2022, subject to regulatory approvals.
