Pierre Fabre Laboratories, a France-based pharmaceutical and dermo-cosmetic company, announced on Tuesday that it has acquired Vertical Bio AG, a developer of novel cancer therapies.

This move enables Pierre Fabre Laboratories to add VERT-002 to its oncology discovery range. VERT-002, a monoclonal antibody, is available with a novel and differentiated mechanism of action, acting as a degrader of c-MET.

The transaction also allows Pierre Fabre Laboratories to further strengthen its R&D portfolio in precision oncology with a product about to enter clinical development.

Eric Ducournau, chief executive officer of Pierre Fabre Laboratories, said; "We are excited about the acquisition of this biotechnology company and the addition of VERT-002 to reinforce our research and development portfolio in lung cancer. This acquisition is another testimony of our commitment to invest in the discovery and development of innovative treatments in precision oncology."