MUNICH–(COMMERCIAL THREAD) –Xlife Sciences AG has successfully completed its 60% stake in the project company Araxa Biosciences GmbH in Veraxa Biotech AG (formerly Velaxa AG). This transaction has a total value of over 20 million euros and Xlife Sciences AG will now sit on the board of directors of Veraxa as a minority shareholder. Veraxa Biotech AG is positioned as a leading supplier in the identification and development of functional antibodies and drug conjugates.
Xlife Sciences AG will exceed its profit forecast for 2020 with this first transaction since the inception of the company. Araxa Biosciences GmbH was a spin-off of the European Laboratory for Molecular Biology EMBL in Heidelberg and was founded by Xlife Sciences AG in the summer of 2019. Over the past 18 months, Xlife has invested nearly one million euros in the company. In collaboration with various industry experts, the technological development of Araxa has been successfully advanced.
About Veraxa Biotech AG
Veraxa Biotech AG identifies and develops functional antibodies and antibody-drug conjugates (ADCs) for the biopharmaceutical industry in exchange for license agreements. The aim is to accelerate safe drug development, as well as to improve the likelihood of drug development in various clinical phases. Using this technology, Veraxa Biotech AG can screen millions of b cells in a single step in less than 48 hours for functional antibodies and further modify them with drug conjugates.
About Xlife Sciences AG
Xlife Sciences AG is a Swiss company focused on investing in promising technologies in the life sciences industry. Xlife Sciences AG builds the bridge between research and development and the healthcare markets by helping researchers and entrepreneurs to position, structure, develop and implement their concepts. In collaboration with industrial partners or universities, Xlife Sciences AG carries out projects through the proof-of-concept phase after invention disclosure or start-up. Subsequently, the business focuses on licensing or selling the business, often in a combination of a strategic partnership. Xlife Sciences AG offers its investors direct access to the development of innovative and forward-looking technologies at a very early stage. For more information, please visit: www.xlifesciences.ch