Seattle-based biotech Good Therapeutics is being acquired by Roche, a Swiss pharmaceutical giant.
According to a release, Roche is paying $250 million in cash upfront for the purchase, which was announced Wednesday, and Roche will make additional payments for hitting certain milestones. The companies expect the deal to close in the third quarter.
“Roche is a leader in immuno-oncology," John Mulligan, founder and CEO of Good Therapeutics, said in a release. "Given their expertise in this field and broad capabilities in oncology, we believe they are a perfect choice for taking this important program forward.”
Once acquired, Good Therapeutics will operate instead as Bonum Therapeutics and continue to develop therapies aimed at cancer and other diseases. A company spokesperson said Good Therapeutics has 26 employees, none of whom will have to relocate because of the acquisition. The entire Good Therapeutics management and employee team will join the new Bonum company, the spokesperson said, and Bonum, which means "good" in Latin, will be based out of Seattle.
Good Therapeutics, founded in 2016, is developing a number of drugs aimed at treating cancer. Its treatments range from the discovery phase to the preclinical development phase. The company's investors include Codon Capital, RiverVest Venture Partners, 3x5 Partners and Digitalis Ventures. Roche has also invested in Good Therapeutics through its venture arm, Roche Venture Fund.
“With our proven track record in cancer immunotherapy, we are well-positioned to leverage our deep discovery, development, clinical, and manufacturing capabilities and worldwide reach to potentially bring innovative products from this program to patients as fast as possible,” James Sabry, global head of pharmaceutical partnering at Roche, said in a release.
Roche was founded in 1896. The company has treatments aimed at cancer, infectious diseases, neurological disorders and inflammatory diseases. In its 2021 annual report, the company said it had more than 100,000 employees.
