US-based clinical-stage oncology company TransCode Therapeutics, Inc. (NASDAQ: RNAZ) said it has entered into a definitive agreement to acquire Polynoma LLC, a privately held biotechnology firm focused on immuno-oncology.

Polynoma's lead asset is seviprotimut-L, a Phase 3-ready polyvalent shed antigen vaccine for the adjuvant treatment of stage IIB and IIC melanoma.

Concurrent with the acquisition, TransCode announced a USD25m equity investment from CK Life Sciences Int'l., (Holdings) Inc (HKG: 0775). The funding will primarily support advancement of TransCode's lead microRNA candidate, TTX-MC138, into a Phase 2 clinical trial.

Under the terms, Polynoma's sole stockholder, an indirect subsidiary of CK Life Sciences, will receive common and preferred shares in TransCode. CK Life Sciences will hold approximately 91% of the combined company on a fully diluted basis, valuing the business at about USD165m. Additional milestone payments of up to USD95m may be payable for seviprotimut-L.

TransCode expects to retain several professionals from Polynoma and will continue to develop both seviprotimut-L and TTX-MC138, alongside its pre-clinical RNA-based programs.