HC2 Announces Pansend Life Sciences Portfolio Company BeneVir Biopharm to be Acquired by Janssen Biotech, Inc. for up to $1.04 Billion
BeneVir is a portfolio company within HC2’s Pansend Life Sciences (“Pansend”) subsidiary. Pansend is led by David A. Present M.D., Founder and General Partner, and Cherine Eldumiati Plumaker, Founder and General Partner. HC2 made its initial investment in BeneVir in 2014, and currently owns approximately 76 percent of the company’s equity.
Under the terms of the agreement, Janssen will make an upfront cash payment of
“Our goal at BeneVir has been to develop T-StealthTM, an oncolytic immunotherapy platform, to help patients whose tumors do not respond to current therapeutic options including immune checkpoint inhibitors,” said
“We are incredibly proud of the work Dr. Mulvey and the BeneVir team have done, and will continue to do at Janssen, in addressing the needs of patients living with difficult-to-treat cancers,” said David A. Present M.D., Founder and General Partner of Pansend Life Sciences.
“Pansend strives to create value by identifying, investing and strongly supporting life science companies with excellent management whose assets and technologies provide unique solutions for unmet medical needs,” said Cherine Eldumiati Plumaker, Founder and General Partner of Pansend Life Sciences.
“This transaction is a defining moment for Pansend and HC2, clearly demonstrating David and Cherine’s ability to identify and create value in the life sciences industry,” said
About Pansend Life Sciences
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