argenx, an Amsterdam-based immunology company, announced a definitive agreement to acquire Unnatural Products. The transaction values UNP at up to approximately US$1.15 billion across upfront and milestone payments. UNP is a California biotech specialized in macrocyclic peptide discovery.
Transaction terms
argenx will pay US$550 million in cash on hand at closing. It may pay up to US$595 million if specified development and regulatory milestones are met. The company already held a minority stake and will acquire all remaining shares.
Company background
UNP operates from Santa Cruz, California. Its team and leadership will remain in place after the acquisition closes. The site will become argenx's home for peptide discovery.
What the deal adds
UNP's platform combines parallel experimentation with machine learning. It is developing therapeutic macrocycles against high-value and traditionally difficult-to-drug targets. The capability complements argenx's antibody engineering and may support oral or long-acting medicines.
Both boards have approved the transaction. After closing, argenx will contribute its clinical development and commercialization strengths to advance UNP's programs. The acquisition is expected to close by the end of the year, subject to customary conditions.