U.S.-based Xynomic Pharmaceuticals plans to buy a Phase II-ready cancer treatment for up to $800 million.
The transaction covers BI 860585, a Phase II-ready potent and selective ATP-competitive mTOR serine/threonine kinase inhibitor which is being acquired from German peer Boehringer Ingelheim International GmbH.
Xynomic said that it plans to initiate Phase II clinical trials within the next nine months. Xynomic is planning to merge BI 860585 with a standard-of-care treatment against breast cancer.
In October 2017, Xynomic bought XP-102 from Boehringer Ingelheim in a transaction worth over $500 million.