Portfolio News

Argo Biopharma, a company that Apricot Capital exclusively led the seed round investment for in April 2021, has achieved another significant milestone with a major strategic partnership.

Latest Breakthrough News:

This week, Argo Biopharma announced a significant strategic partnership with Novartis, featuring a $160 million upfront payment with potential milestone payments totaling up to $5.2 billion. This new agreement covers multiple cardiovascular assets including their Phase 2 ANGPTL3 program and next-generation molecules for dyslipidemia, with an innovative profit-sharing structure across US and China markets.

Building on Established Success:

It's worth highlighting that this marks the Second transaction between Argo Biopharma and Novartis, building upon their established relationship from January 2024, when Novartis paid $185 million upfront for cardiovascular assets in a deal valued at up to $4.165 billion - representing the first significant overseas RNAi out-licensing transaction from a Chinese biotech company.

Notably, Novartis has expressed intention to participate in Argo's upcoming equity financing round, representing strong validation of Argo's siRNA platform technology in the $50+ billion cardiovascular market opportunity.

This success story demonstrates the strength of our investment thesis and due diligence process. With our early exclusive seed investment, we identified and supported a company that has now established itself as a leader in the RNAi therapeutics space with multiple strategic partnerships with global pharma leaders.

For reference:

· PR Newswire: Argo Biopharma Announces Multi-Asset License and Option Agreements with Novartis for Novel Molecules for Cardiovascular Diseases 1.https://www.prnewswire.com/news-releases/argo-biopharma-announces-multi-asset-license-and-option-agreements-with-novartis-for-novel-molecules-for-cardiovascular-diseases-302544452.html 

2. https://www.prnewswire.com/news-releases/shanghai-argo-announces-multi-program-rnai-licenses-and-strategic-collaborations-with-novartis-302027699.html

· Biospace: Novartis Doubles Down on Argo Pact With Fresh $5.2B Commitment 1.https://www.biospace.com/business/novartis-spending-spree-continues-with-5-2b-argo-sirna-pact 

2. https://www.biospace.com/shanghai-argo-announces-multi-program-rnai-licenses-and-strategic-collaborations-with-novartis 

· Biopharma Dive: Novartis licenses RNA drugs in deal with China-based Argo https://www.biopharmadive.com/news/novartis-argo-licensing-deal-angptl3-rna-china/759101/

· Fierce Biotech: Novartis returns to Argo for multifaceted $5B cardiovascular collab https://www.fiercebiotech.com/biotech/novartis-returns-argo-multi-faceted-5b-cardiovascular-collab