CWRU and UTMC-linked Rodeo Therapeutics is set to be acquired by Amgen for $55m in upfront and up to $666m in milestone payments.

Rodeo Therapeutics, a US-based small-molecule therapy developer based on research at Case Western Reserve University and University of Texas Southwestern Medical Center, has agreed to an acquisition by pharmaceutical firm Amgen for up to $721m. Amgen will pay an initial $55m and up to $666m in cash subject to milestones. Rodeo is developing small-molecule therapies, including its lead 15-prostaglandin dehydrogenase (15-PGDH) modulators, that will help regenerate and repair various types of tissue, for use in dealing with conditions such as ulcerative colitis and, for haemopoietic recovery after bone marrow transplants. Rodeo raised $5.9m in series A financing from investors including pharmaceutical firms AbbVie, Eli Lilly, Johnson & Johnson and WuXi AppTec in 2017, the same year the spinout was founded. AbbVie and Johnson & Johnson participated in the round through their respective corporate venturing units: AbbVie Ventures and Johnson & Johnson Innovation – JJDC. The round also featured Alexandria Venture Investments, the venture capital vehicle for real estate investment trust Alexandria Real Estate Equities, investment manager Accelerator Corporation, Arch Venture Partners, Watson Fund and WRF Capital. – A version of this article first appeared on our sister site, Global Corporate Venturing.

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James Mawson

James Mawson is founder and chief executive of Global Venturing.