Janssen affiliate Cilag announces Covagen takeover

Janssen has announced that its affiliate Cilag has agreed a deal to acquire Covagen, a biopharmaceutical company specialising in the development of multispecific protein therapeutics.

The firm is known for its FynomAb technology platform, which pairs human binding proteins called Fynomers with antibodies to provide enhanced efficacy in the treatment of a broad range of inflammatory diseases and other conditions.

It is also developing a lead product, Cova 332, which is currently in phase Ib testing for the treatment of psoriasis, as well as holding potential as a therapy for various other inflammatory conditions, including rheumatoid arthritis.

Following the takeover, Covagen will maintain a research presence in Switzerland and will continue to focus on the further development and application of the Fynomer technology.

Dr Susan Dillon, global immunology head at Janssen Research and Development, said: "This exciting opportunity underscores the value of co-locating scientific innovation leads at our regional hubs in thriving life science communities as part of our strategy to identify and realise new opportunities and build long-term competitive advantage."

This comes after the firm agreed a new partnership with ViaCyte earlier this month, focusing on the continued development of a promising treatment for type 1 diabetes.