Lakefront Biotherapeutics has sold its preclinical CAR-T programs to Armed Cell Therapeutics for approximately $9 million upfront, with potential milestone payments bringing the deal’s value to about $239 million, excluding royalties.
The upfront payment of €8 million converts to approximately $8.96 million using the European Central Bank’s Oct. 14 reference rate of $1.1195 per euro. Lakefront could receive up to $230 million in milestones, plus a low-single-digit royalty.
The completed transaction transfers early-stage cell therapy assets to Belgium-based Armed Cell, which will advance the programs independently. Lakefront announced the sale Oct. 14 as it approaches completion of its withdrawal from legacy cell therapy activities.
The assets include multi-targeting and armed CAR-T constructs intended to improve treatment potency and persistence and address resistance in blood cancers and solid tumors. The announcement did not provide a timetable for human trials.
The technology originated at AboundBio, which Lakefront, then known as Galapagos, acquired in 2022. Research conducted by AboundBio underpins the transferred programs.
Armed Cell was founded by Paul Stoffels, John Mellors and Peter Verhaeghe to develop armed CAR-T cancer treatments. It will assume responsibility for further development of the acquired assets.
Lakefront decided to wind down its cell therapy operations following a review of strategic alternatives and said that process is substantially complete.
Its remaining portfolio focuses on immunology and inflammation, led by gamgertamig, a BCMAxCD3 T-cell engager being developed for autoimmune diseases. The release did not specify milestone triggers or the precise royalty rate. Most of the potential consideration remains contingent rather than guaranteed.
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