To generate additional funds, PACT Pharma is divesting itself of a number of Commercial ventures, including its South San Francisco laboratory, to the contract research group AmplifyBio. The notice made on Monday indicated that PACT was transferring “advanced characterization platforms and bioinformatics capabilities,” albeit details regarding what was actually transferred were sparse.
Amplify is acquiring “a number of technical operations and product characterization domain expertise,” in addition to the South San Francisco property. PACT stated that the acquisition will “better its overall financial condition,” albeit no monetary figure was provided.
The sale of these specific assets to AmplifyBio provides the company with considerable capital while lowering operational expenses, according to a statement from PACT CEO Scott Garland.
Garland and Atulya Agarwal, Ph.D., PACT’s chief legal and business strategy officer, acknowledged the arrangement in an email to Fierce Biotech, saying that it was related to the late-August relocation of 54 personnel.
You can also read these articles related to ventures:
- Venezuela Seizes Russia-linked Firm’s Oil Venture
- Delta and LATAM Joint Venture Approved: Flyer Upgrades Expected
- 83North VC Firm Raised $400 Million For Its Newest Fund
According to Agarwal, “little less than 54 people owing to a bit of attrition,” but still close to the original estimate of 54 employees, were affected. But a California personnel declaration made public at the beginning of the summer revealed that the rerouted employees were among a group of 94 who had been scheduled for layoffs.
According to an announcement made by Amplify, the business plans to hire 40 “drug development professionals.” Six scientists, six directors, and two vice presidents were among the positions disclosed by PACT to the California Employment Development Department.
PACT will be able to maintain control over its research and development (R&D) functions and its pipeline focusing on neoantigens thanks to the agreement with Amplify. To shift its attention to “shared neoantigens,” the business announced in August that it was discontinuing a phase 1 trial of its NeoTCR-P1 cell treatment. The business anticipates making an application to start human trials in 2023.
PACT claims this transaction strengthens its cash reserve, however, it is unclear how much cash the corporation actually has left. In January of 2020, the firm said it had closed a $75 million series C round, which was its last public statement.
Keep following venturejolt.com for more updates. Don’t forget to bookmark our site for recent updates related to ventures.
