Exiting Covagen

Terms of Johnson & Johnson's takeout of Covagen AG are undisclosed, but the antibody platform company's largest investor said the deal is likely one of the biggest this year in terms of both size and investor returns for private, venture-backed European biotechs.

Covagen is developing a pipeline of multi-specific FynomAbs, which are fusions of antibodies and Fynomers. Fynomers are small proteins derived from the SH3 domain of FYN proto-oncogene src family tyrosine kinase (FYN) that can be designed to bind to targets of interest with the same affinity and specificity as antibodies...