LONDON (Alliance News) - Horizon Discovery Group PLC Wednesday said it has formed a joint venture with UK-based biotechnology company Centauri Therapeutics Ltd targeting the growing immuno-oncology market.
The new venture, called Avvinity Therapeutics, will be jointly managed by the two companies. Horizon will out-licence some background intellectual property relating to its translational genomics and drug discovery platforms, and will invest up to GBP5.3 million over two tranches of funding.
"By combining Horizon's deep understanding of the genetic basis of cancer alongside its gene editing, drug discovery and emerging immuno-oncology toolbox, with Centauri's unique Alphamer technology and knowledge of its use, we have created an exciting new company to spearhead Horizon's move into targeted therapeutic development," said Chief Executive Officer Darrin Disley in a statement.
Shares in Horizon were up 0.1% at 148.65 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
