Boehringer Ingelheim acquires Basel-based biotech company T3 Pharmaceuticals
Published: Wednesday, Nov 22nd 2023, 15:20
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The German pharmaceutical group Boehringer Ingelheim is making a purchase in Basel. The company is acquiring the biotech company T3 Pharmaceuticals, a spin-off of the University of Basel. It is paying 450 million Swiss francs, as the University of Basel and the German group announced on Wednesday afternoon.
T3 Pharmaceuticals was founded in 2015 as a spin-off of the Biozentrum of the University of Basel. According to the information provided, several companies and institutional investors participated in the founding and co-financing of the company.
T3 Pharma is focusing its activities on bacterial therapies for the treatment of solid tumors. The approach is based on the type 3 secretion system, an injection device with which bacteria introduce proteins directly into human target cells. This inhibits cancer growth. The main product T3P-Y058-739 is currently being tested in a phase I clinical trial.
T3 Pharma's technology will "significantly expand" Boehringer Ingelheim's range of novel cancer therapies and thus support the company's oncology strategy, according to the buyer's statement. T3 Pharma is based in Allschwil and the company will remain in the Basel region after the takeover, according to the statement.
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