Liminatus Pharma, a company specializing in cancer immunotherapies, has agreed to give up shares valued at $320 million to purchase CAR-T biotechnology firm InnocsAI.
California-based Liminatus is raising 1.6 billion of its shares, valued at 20 cents each, to acquire the pipeline of oncology drugs being developed by InnocsAI, which includes one drug on the way to the clinic, in a filing with the Securities and Exchange Commission (SEC).
In addition to the shares, the owners of InnocsAI will also be allotted a contingent value right to 20% of the future proceeds on sale or licensing of its assets.
IBC101, InnocsAI’s lead product, is an autologous, bivalent CD19xCD22 CAR-T being developed for B-cell malignancies that are relapsed or refractory. The biotech already has approval to start a phase 1/2 study in a hospital in Korea.
Early progress is being made for Johnson & Johnson with its own CD19 and CD22-targeting CAR-T. This is “intended to broaden antigen coverage in B-cell malignancies,” Liminatus said in its SEC filing.
If developed properly, IBC101 could be a new generation hematologic CAR-T therapy that could apply to relapsed or refractory [diffuse large B-cell lymphoma] and other B-cell malignancies, Liminatus explained.
Behind IBC101 is a preclinical bicistronic CAR-T dubbed INC101. Mesothelin is used as a primary activation signal in the therapy, and B7-H3 is used as a secondary activation signal.
This design should make the tumor more specific, because two signals associated with tumors should converge, Liminatus said.
InnocsAI has also been working on a platform to develop anti-CS1 monoclonal antibodies that can work as an enabling module for the biotech’s CAR-Ts. The concept behind these CS1 is that they could be linked to the company’s CD19xCD22 bivalent CAR-T to make a trivalent CAR-T candidate.
“These targets are all trivalent CAR-Ts, which could allow the company to connect B-cell malignancy and plasma-cell malignancy targeting approaches and enable additional hematologic oncology platform development opportunities, Liminatus said in its filing.
This cancer portfolio should be a good fit for Liminatus, which announced in March that it is gearing up to launch a phase 1 trial of IBA101, its next-generation CD47-blocking monoclonal antibody. The Fullerton, California-based biotech has been hoping that IBA101 will be effective in combination with PD-1/PD-L1 checkpoint inhibitors in the treatment of other solid tumor types.
Liminatus became public in 2022 through a special purpose acquisition company (SPAC) transaction. At the time, the biotech had three immune-modulating cancer therapies in development, all developed at Thomas Jefferson University in the U.S. and InnoBation in South Korea.
They were accompanied by an Ad5. The F35-hGCC-Padre programme of metastatic colorectal, pancreatic, esophageal and gastric cancers was already in phase 2. However, more recently, the biotech has been calling itself a “preclinical” company.
The share price of the biotech has been falling for some time, and the company has been looking at a “digital asset treasury strategy” last year to “evaluate modern financial tools to strengthen its capital structure” that could lead to its delisting from the Nasdaq.
The company has struggled with a cash crunch for some time, as it only had $1.9 million in cash on the company’s books at the end of March.
Liminatus has announced a significant equity-based transaction valued at $320 million involving CAR-T biotechnology company InnocsAI. The deal represents a major strategic investment for Liminatus as the company seeks to expand its presence in the rapidly growing field of cell therapy and cancer treatment innovation.
Liminatus Makes a Bold Move in Cell Therapy
The acquisition highlights Liminatus’ determination to strengthen its position within the biotechnology sector despite ongoing challenges. By investing in InnocsAI, Liminatus gains access to advanced CAR-T research programs and technologies that could support future oncology developments.
Why Liminatus Is Targeting CAR-T Technology
CAR-T therapies have emerged as one of the most promising areas in cancer treatment. Through this transaction, Liminatus aims to leverage InnocsAI’s expertise in engineered cell therapies designed to target and destroy cancer cells more effectively. The investment underscores Liminatus’ commitment to pursuing innovative treatment approaches with long-term commercial potential.
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