After laying off most of its staff and partnering away its phase 3 cancer asset earlier this year, precision oncology outfit Repare Therapeutics has agreed to be acquired by nonprofit biotech XenoTherapeutics.
XenoTherapeutics will pay Repare’s shareholders $1.82 per share, according to a Nov. 14 release, which equates to about $78.2 million based on the company's issued and outstanding shares as of Sept. 30.
In addition, each shareholder will receive one contingent value right (CVR), which entitles them to more cash if certain milestones are met. The CVR includes the right to a percentage of the net proceeds received from Repare’s partnerships with Bristol Myers Squibb, Debiopharm and DCx Biotherapeutics.
The acquisition is set to close in the first quarter of 2026. Before then, Repare will continue its efforts to out-license its programs, including the ATPase inhibitor RP-3467, PLK4 inhibitor RP-1664 and ATR inhibitor camonsertib.
RP-3467 and RP-1664 are both currently in phase 1 trials, while camonsertib—also called RP-3500—wrapped up a phase 1/2 study of its own in June.
“Following a thorough and wide-ranging strategic review of potential opportunities, partnerships and transactions aimed at maximizing shareholder value, Repare’s board of directors has unanimously determined that the transaction is in the best interests of Repare and its various stakeholders,” Steve Forte, Repare’s president, CEO and chief financial officer, said in the release.
Buyer Xeno is a Massachusetts-based nonprofit research foundation developing regenerative medicines using genetically engineered pigs. The foundation bought another biotech, Essa Pharma, in July. Both the Essa and Repare buyouts were backed by Xoma Royalty, a company that specializes in scooping up beleaguered biotechs.
Massachusetts- and Montreal-based Repare has been struggling this year. Trouble started brewing in August 2024, when the biotech cut its staff by a quarter and shelved some preclinical research to focus on its “most promising and advanced precision oncology programs.”
At the beginning of this year, the company sought to save more money by halting plans for a phase 3 trial of camonsertib in combination with PKMYT1 inhibitor lunresertib. At the end of February, the company said goodbye to 75% of its employees, including Chief Medical Officer Maria Koehler, M.D., Ph.D.
By July, Repare had offloaded lunresertib to Debiopharm for $10 million upfront.