Tech Transfer eNews Blog

Case Western biotech start-up acquired by Amgen for $55M


By Jesse Schwartz
Published: April 7th, 2021

A start-up from Case Western Reserve University has been acquired by global biotech company Amgen for $55 million.

Rodeo Therapeutics develops small-molecule therapies that promote the regeneration and repair of multiple tissues for patients with colitis and other conditions. The start-up is based on research from Case Western researchers.

Under the acquisition, Amgen will take all outstanding shares of Rodeo for $55 million, plus future contingent milestone payments potentially worth up to an additional $666 million in cash.

“Amgen’s purchase of Rodeo marks a giant step forward toward bringing this Case Western Reserve-developed technology to patients,” says Rodeo co-founder Sanford Markowitz. “We are thrilled to be partnering with a world-class pharmaceutical company like Amgen, and to be able to benefit from its team of outstanding scientists and drug developers — as well as the company’s financial resources — to speed the development of this promising new class of drugs.”

Mark Chance, vice dean for research at Case Western’s school of management, comments, “This technology and these results are an example of how our process of identifying and investing in our own discoveries is working and is being recognized by the biotech industry. Rodeo is only one example of the many companies started by Case Western Reserve University that are attracting the investors and investments needed to get our medical breakthroughs to patients.”

Source: Case Western Reserve Newsroom

Posted under: Tech Transfer e-News

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