Biotechnology company Roquefort Therapeutics (LSE:ROQ) announced on Monday that it has signed a USD10.8m share purchase agreement to sell its subsidiary Lyramid Pty Ltd to Pleiades Pharma Limited. The deal comprises equity in Pleiades and potential upfront cash, contingent on fundraising and licensing milestones by 30 June 2025.

Lyramid holds Roquefort's Midkine patents for mRNA, oligonucleotide and antibody programs. Acquired in 2021 for GBP1m, Lyramid's portfolio has since expanded with in-house development and pre-clinical achievements in oncology and immunology.

Pleiades, led by CEO Caroline Fortier, holds exclusive rights to PapMV and S100A9 programs. PapMV, a clinical-stage nanoparticle-based immunotherapy, has demonstrated efficacy against cancer and respiratory infections in Phase 1 trials and pre-clinical studies. The S100A9 protein immunotherapy platform has shown tumour reduction in melanoma and improved survival in acute myeloid leukemia (AML) models.

Upon completion, Roquefort will retain a strategic equity stake in Pleiades, aligning with its focus on developing five novel pre-clinical anti-cancer medicines, including STAT-6 siRNA and MK cell therapy.