VCs sell Amal to Boehringer Ingelheim in €325m deal

The total transaction could amount to up to €325m. It comprises an upfront payment, followed by payments contingent on clinical, development and regulatory milestones, and a further amount of up to €100m if certain commercial milestones are hit, according to a statement.

The acquirer plans to develop new therapies by combining assets from its cancer immunology portfolio with Amal's Kisima immunisation platform. Boehringer Ingelheim Venture Fund (BIVF), the venture arm of the pharmaceuticals company, was a seed investor in Amal.

Previous funding
BIVF and HTGF invested in a seed-funding round for the company in 2014. In 2016, HTGF, BIVF and VI Partners backed the CHF 3m series-A of the company.

BIVF, BioMedPartners and Helsinn Investment Fund co-led an €8m funding round in 2017. HTGF, VI Partners and Schroder Adveq also invested in the round.

In November 2018, the company received €29m from a round co-led by BIVF, BioMedPartners and Helsinn. VI Partners, Schroder Adveq and HTGF also participated in the round.

Company
Amal span out of the University of Geneva in 2012 and continues to be based on its medical campus. The biotechnology company focuses on cancer immunotherapy and advancing therapeutic cancer vaccines using its technology platform Kisima. Amal's lead vaccine ATP128 is currently developed for stage-IV colorectal cancer.

The company employs 15 people.

People
Boehringer Ingelheim – Michel Pairet (member of the management board).
Amal Therapeutics – Madiha Derouazi (founder, CEO).

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