NEW YORK, May 02, 2018 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (NYSE:HCHC), a diversified holding company, announced today that BeneVir Biopharm, Inc., a privately-held biotechnology company developing oncolytic immunotherapies for the treatment of cancer, has entered into a definitive agreement to be acquired by Janssen Biotech, Inc.
BeneVir is a portfolio company within HC2’s Pansend Life Sciences subsidiary. Pansend is led by David A. Present M.D., Founder and General Partner, and Cherine Eldumiati Plumaker, Founder and General Partner. HC2 made its initial investment in BeneVir in 2014, and currently owns approximately 76 percent of the company’s equity.
Under the terms of the agreement, Janssen will make an upfront cash payment of $140 million at closing of the transaction, plus additional contingent payments of up to $900 million based on achievement of certain predetermined milestones. The total amount of all payments could exceed $1 billion if all milestones are met. The closing of the transaction is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is expected to close in the second quarter of 2018.
“Our goal at BeneVir has been to develop T-StealthTM, an oncolytic immunotherapy platform, to help patients whose tumors do not respond to current therapeutic options including immune checkpoint inhibitors,” said Matt Mulvey, Ph.D., Founder and Chief Executive Officer of BeneVir. “We are excited to join the Janssen team and continue to innovate in the field of oncolytic viral immunotherapy.”
T- Stealth Technology was licensed from the laboratory of Ian Mohr, PhD, Professor of Microbiology at NYU School of Medicine.
“We are incredibly proud of the work Dr. Mulvey and the BeneVir team have done, and will continue to do at Janssen, in addressing the needs of patients living with difficult-to-treat cancers,” said David A. Present M.D., Founder and General Partner of Pansend Life Sciences.
“Pansend strives to create value by identifying, investing and strongly supporting life science companies with excellent management whose assets and technologies provide unique solutions for unmet medical needs,” said Cherine Eldumiati Plumaker, Founder and General Partner of Pansend Life Sciences.
“This transaction is a defining moment for Pansend and HC2, clearly demonstrating David and Cherine’s ability to identify and create value in the life sciences industry,” said Philip Falcone, Chairman, President and Chief Executive Officer of HC2. “We are confident that Janssen’s acquisition of BeneVir will lead to significant advances in immuno-oncology.”
About HC2
HC2 Holdings, Inc. is a publicly traded (NYSE: HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across eight reportable segments, including Construction, Marine Services, Energy, Telecommunications, Life Sciences, Broadcasting, Insurance and Other. HC2’s largest operating subsidiaries include DBM Global Inc., a family of companies providing fully integrated structural and steel construction services, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in New York, New York. Learn more about HC2 and its portfolio companies at www.hc2.com. For information on HC2 Holdings, Inc., please contact Andrew G. Backman - Managing Director - Investor Relations & Public Relations - abackman@hc2.com - 212-339-5836
About Pansend Life Sciences
Pansend Life Sciences, LLC is the life sciences subsidiary of HC2 Holdings, Inc., focused on the development of innovative healthcare technologies and products. In addition to BeneVir, Pansend’s portfolio companies include R2 Dermatology, which is developing medical devices for the treatment of aesthetic and medical skin conditions and has received FDA approval for its initial device; MediBeacon, whose proprietary platform technology is the foundation of its development of a non-invasive real-time monitoring system for the evaluation of kidney function; Triple Ring, a leading edge research, engineering and development firm which specializes in regulated medical devices, in vitro diagnostics & life sciences tools as well as imaging, and industrial applications; and Genovel Orthopedics, which is developing novel partial and total knee replacements for the treatment of osteoarthritis of the knee.
About BeneVir
BeneVir Biopharm, Inc., is a portfolio company within Pansend Life Sciences, Ltd., a subsidiary of HC2 Holdings, Inc. Its offices and laboratories are located in Rockville, MD, which is part of the BioHealth Capital Region. BeneVir is developing a platform of oncolytic immunotherapies based on T-StealthTM Technology, which promotes the persistence and efficacy of oncolytic immunotherapies in advanced tumors. Learn more about BeneVir at www.benevir.com.
