Aptevo Spin-off Receives $20M Emergent Payment

Aptevo Therapeutics Inc. has received a $20 million payment from Emergent BioSolutions pursuant to a promissory note granted as a result of the spin-off of Aptevo from Emergent last August.
 
Emergent has provided a total of $65 million in cash contributions to fund Aptevo’s operations as a newly-launched oncology and hematology-focused company. Aptevo has a pipeline of commercial, clinical and preclinical assets and a bispecific technology platform, ADAPTIR, focused on the development of immuno-oncology therapeutics.
 
"The achievement of this final payment from Emergent marks another important milestone in Aptevo’s progress," said Marvin L. White, president and chief executive officer. "With the generous funding provided by Emergent, and a strong portfolio of revenue-generating commercial assets, Aptevo is solidly positioned to achieve our near-term goals. Specifically, these include: capturing increased market share for our newly-launched Hemophilia B therapeutic, IXINITY; generating additional data from our two clinical-stage programs, otlertuzumab and MOR209/ES414; and rapidly advancing new ADAPTIR immuno-oncology candidates into clinical development."