Seattle biotechnology company Oncothyreon has acquired another local firm, Alpine Biosciences, for about $27 million in stock.
Alpine Biosciences, an early stage company that has not advanced any drugs into clinical trials, was formed by Mitch Gold, who stepped down as CEO of Dendreon in 2012, and Jay Venkatesan, a doctor and biotech investment manager. The company has licensed nanoparticle technology it says can “encapsulate” large drug molecules and deliver them to targeted cells for treating diseases.
The 9.3 million shares paid for Alpine represent about one eighth of the company’s currently outstanding stock. Oncothyreon, which has a market capitalization of about $216 million, said Venkatesan will join the company as an executive vice president.
Oncothyreon has several cancer drugs in clinical trials, and collaboration deals with larger biotech and pharmaceutical companies.