Nov. 22 Quick Takes: Boehringer buying bacterial oncology play T3 

Plus: Syncona reaches deal to take Freeline private, and updates from InDex, Evelo and more

November 22, 2023 10:47 PM UTC

Boehringer Ingelheim GmbH is acquiring Swiss oncology company T3 Pharmaceuticals AG, gaining a clinical program that uses live bacteria to deliver immune-modulating proteins to cancer cells and the tumor microenvironment. The takeout’s total value is CHF450 million ($508.1 million), although the parties did not disclose the size of the upfront payment. The German pharma’s venture arm had invested in T3’s private rounds of funding. T3’s lead program, T3P-Y058-739, uses engineered Yersinia enterocolitica bacteria to target solid tumors; it is in a Phase I trial.

Weeks after proposing a takeout, Syncona Ltd. (LSE:SYNC) has reached a deal to acquire the balance of equity in gene therapy company Freeline Therapeutics Holdings plc (NASDAQ:FRLN) that it does not already own. The firm, which holds a 57.9% stake in Freeline and invested in each of its private rounds, will pay $6.50 per ADS for the remaining equity; it had proposed a $5-per-ADS price last month. The biotech is conducting the Phase I/II GALILEO-1 trial of lead program FLT201 to treat Gaucher disease...