Monday, October 19, 2015
NantWorks Pays $50M For Majority Stake In Precision Biologics
Los Angeles-based NantWorks said this morning that it has acquired a majority stake in Precision Biologics with a $50M investment in the company. Precision Biologics is a biopharmaceutical company which is developing tumor-specific monoclonal antibodies (mAbs) and companion diagnostics to treat solid-tumor cancers. NantWorks said the acquisition will help bolster its cancer treatment efforts. The company's current antibodies are targeted at treating pancreatic and colorectal cancers. NantWorks is the group of companies owned by billionaire Patrick Soon-Shiong, including a significant number of companies focused on personalized medicine and cancer treatment.