Roquefort Therapeutics Signs $12 Million Sale Deal for Oncogeni.
Roquefort Therapeutics (LSE: ROQ), a biotech company focused on developing cutting-edge treatments for immunology and oncology, has announced the signing of a term sheet for the proposed sale of its subsidiary Oncogeni Ltd to The Nations Trust Holding LLC for up to US$12 million. This transaction marks a significant step in Roquefort's business strategy, which aims to acquire and develop pre-clinical assets before realizing value through trade-sale transactions.
The proposed deal includes the sale of 100% of Oncogeni's issued share capital to Nations Trust, with the cash consideration being a combination of upfront and milestone payments.
Roquefort's CEO, Ajan Reginald, expressed enthusiasm about the sale, noting the strategic partnership with Nations Trust to bring Oncogeni's portfolio into clinical trials. "The proposed sale of Oncogeni is an important step towards completing the initial phase of the Company's strategy to acquire and develop pre-clinical assets and to then realise value through completing trade-sale transactions. We are pleased to be working with such a well-funded and highly resourced partner to take the Oncogeni portfolio into clinical trials, which if successful, will create long term value for the Company."
Oncogeni holds exclusive licenses for the Mesodermal Killer cell (MK) and STAT-6 siRNA (siRNA) patents, which have been developed in-house by Roquefort Therapeutics since acquiring Oncogeni in 2022 for £5 million. These patents play a key role in advancing treatments for cancer and immune disorders.
Nations Trust, based in the UAE, is one of the largest and most diversified conglomerates in the region. The company has a strong focus on investment and research, with several subsidiaries dedicated to innovative R&D across various sectors.
The deal is expected to be formalized through a binding share purchase agreement (SPA) within the next 60 days. Roquefort will provide further updates to shareholders as the transaction progresses.
Roquefort Therapeutics is a UK-based biotech company specializing in the development of next-generation medicines targeting hard-to-treat cancers. Founded in 2020, the company has a robust pipeline of pre-clinical programs focused on immuno-oncology, specifically targeting cancers resistant to existing therapies. Roquefort aims to create high-value, first-in-class drugs that address critical unmet medical needs in cancer treatment.
The company is listed on the London Main Market and has a strong leadership team with expertise in drug development, regulatory approval, and biotech transactions, including Nobel Laureate Professor Sir Martin Evans. Roquefort operates a state-of-the-art facility in Stratford-upon-Avon and partners with leading academic cancer research centers, expanding its research capabilities and driving cost-effective innovation in drug development. Its focus is on developing therapies that can be commercialized through strategic partnerships or acquisition by big pharma.
