Ligand acquired Austrian biotech company Apeiron for USD 100 Million

Apeiron developed, among other things, the drug Qarziba®,  a treatment for high-risk neuroblastoma that   was approved  for  the European market in 2017. Apeiron's operational R&D activities were spun off into invIOs GmbH at the beginning of 2022. Ligand has committed to investing up to USD 4 million in invIOs, which will remain independent. 

“The addition of Qarziba® to our commercial royalty portfolio further supports our growth strategy to invest in high-value medicines that deliver significant clinical value and generate predictable and long-term revenue streams for our investors,” said Todd Davis, CEO of Ligand. “Qarziba® is the only immunotherapy for high-risk neuroblastoma marketed across Europe and in other parts of the world. We believe this drug will be a meaningful contributor to our royalty revenue, which is now driven by a diversified portfolio of 12 key commercial-stage products.” 

Interview with Peter Llewellyn-Davies, President of Biotech Austria, CEO of invIOs Holding AG and former CEO of Apeiron Biologics AG 

• Apeiron Biologics, of which you were CEO for seven years, was acquired by Ligand Pharmaceuticals for USD 100 million in July 2024. The sale was one of the largest exits of a private Austrian biotech company. How did it come about? 

Apeiron had built  a substantial and differentiated product line of projects in oncology,  respiratory and pulmonary diseases since its inception. In 2017 we successfully received approval from the EMA (European Medicines Association) to treat cancer patients with Qarziba®, a drug that Apeiron co-developed and ultimately outlicensed to EUSA Pharma (UK) Limited. . After approval, we used the revenues we received from our licensing agreement with EUSA Pharma to finance the development of innovative development projects. In 2022, we decided to spin off the earlier stage projects to a separate entity called invIOs, also based in Vienna. This enabled our shareholders to participate in more of the income flow as Qarziba sales started to increase. All Apeiron research staff and projects were transferred to the new company. What remained at Apeiron  was a license and revenue generating entity tied to future Qarziba sales.  This entity  attracted some potential acquirers as the drug is marketed in 35 countries worldwide by the global pharmaceutical company Recordati S.p.A.. We negotiated with them to secure  the best deal for our shareholders, which ultimately included an investment in invIOs. 

• Apeiron was founded in 2003 by the internationally renowned geneticist Josef Penninger. What areas does the company's research and business activities focus on? 

The company has indeed changed a lot since then. Today invIOs, the private biotech company we spun off from Apeiron in 2022,  is actively developing cancer treatments using new personalized approaches, cell therapies and small molecules. Our portfolio consists of more than 400 patents including the intellectual property and licenses for several early-stage immuno-oncology products that  aims to provide a future for patients by enhancing their immunity with novel precision treatments.​ We are focused on transforming patients‘ lives – ​so that cancer doesn‘t. 

• What does Ligand Pharmaceuticals' acquisition of Apeiron and investment in invIOs  mean for the entire Austrian biotechnology sector and for Austria as a centre of research and innovation? 

Ligand’s acquisition of Apeiron is an encouraging signal for the entire Austrian biotech industry. There is significant innovation taking place across the country and we are hopeful other US-based companies will invest here. Ligand is also a major investor in invIOs and  we believe they can  play an important role in not only the future of our company but  the entire local biotechnology sector. Their investment  also validates  the invIOs  business model – biotech as it should be. Success in biotech requires a crazy mix of irrational enthusiasm and clear-eyed discipline. Persistence, learning, and luck  are how you eventually get there. And that’s what Austria is all about. 

• What advantages does Austria offer as a location especially for international biotech companies, also with regard to co-operation with universities and research institutions as well as research funding in this country? 

A group of Austrian entrepreneurs and local biotech executives founded BIOTECH AUSTRIA in 2020 to bring across a simple message: Austrian biotech plays a major role in the future of our health but also in the success of Austrian innovation. As an example, over 70,000 students are active in the field of life sciences in Austria. We want to bring across a clear message – Austrian universities and institutions are one of a kind and cooperating is straightforward. The support from agencies like ABA is overwhelming. The infrastructure in Austria is amazing, not just schools and public transport, companies can count on outstanding stability and a highly qualified, motivated workforce. A good economic climate, a comprehensive social system, a high level of education and a low crime rate form the basis for a safe and carefree life in Austria. Higher education and healthcare are funded. The recent English Proficiency Index released by the global education company Education First (EF) revealed the top countries in Europe for speaking English as a second language - Austria came second. Vienna has also been named the world's most livable city by the Economist and others for many years in a row. I can carry on but  Austria is a fantastic country for both business and pleasure.  

• Ligand Pharmaceuticals will invest up to USD 4 million in the Apeiron spin-off invIOs, which you head. What are the plans for the research and development of the three immuno-oncology products? 

At invIOs our goal is to design and develop breakthrough cancer therapies. We take them to proof of concept (scientific or clinical) and then collaborate with multinational pharma companies that can accelerate the projects forward through commercialization  so that patients can be treated. Our ongoing projects are in different development phases. For example, our cell therapy platform, which provides personalized treatment of cancer (solid tumors), has completed various phase 1 studies. The preliminary data show it’s  safe, well tolerated and can be used to treat various types of cancer with different approaches. Our next generation projects, which are focused on  making cancer treatable without side effects, were noticed by the Dana Faber Cancer Institute in Boston. We are now setting up studies together to treat Glioblastoma, one of the most deadly and untreatable brain cancers. We have other projects in the pipeline that we may  further develop based on  funding.  The recent investment by Ligand and other investors  will support this process.  

• You yourself were born in the UK and have worked there, in Germany and in the USA. What do you personally value about Austria as a place to work and live? 

Yes,  I have been around a bit, as one says. I have been living in Austria for about seven years now and am not planning to leave. I still have family connections here, my parents left the UK in the 80s and moved to Austria, not knowing that I would make it my home one day. There aren’t many places in the world that are centrally located in Europe that offer the same high quality of life. A unique mixture of breathtaking nature and cultural diversity make Austria a fantastic place worth living in. Austria is a mecca for those who love the outdoors. There isn’t a shortage of things to do. I can be in the mountains  hiking or skiing or I can be swimming in a lake  in a very short period of time. Austria has great wines and food, and if I need a change, the surrounding countries with cultural and culinary delicacies are a short drive away. Austrians are  professional but very relaxed  when it comes to business but they enjoy fun, too.