Kindred Biosciences, which is developing therapeutics to treat parvovirus and inflammatory bowel disease in dogs, has agreed to be acquired by Elanco Animal Health in a deal valued at $440 million.
San Francisco-based KindredBio sold its breakthrough product, the feline weight-management drug Mirataz, to Dechra Pharmaceuticals in early 2020, eight years after its founding. However, the company is working on “three potential dermatology blockbusters expected to launch through 2025,” according to Elanco.
Additionally, a monoclonal antibody targeting canine parvovirus is in the pivotal study stage, and an antibody to counter canine inflammatory bowel disease is undergoing a field pilot study.
“Ultimately, we believe the combination positions Elanco to bring innovative solutions to veterinarians and pet owners in areas of unmet or underserved medical needs, fueling continued growth in the exciting pet therapeutic category and creating sustainable long-term value for shareholders,” said Jeff Simmons, Elanco’s president and CEO.
KindredBio co-founder Denise Bevers called the pending takeover “validation of KindredBio’s achievements as one of the world’s first veterinary biopharmaceutical companies, recognizing our track record in drug development and remarkably talented team.”
The transaction, which calls on Elanco to acquire all outstanding Kindred Bio stock at $9.25 per share, is expected to close in the third quarter.
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