LONDON: Roquefort Therapeutics plc (LSE:ROQ), a Main Market-listed biotech firm, said Monday it has entered into a binding term sheet to acquire Coiled Therapeutics, Inc., a clinical-stage oncology company spun out from A2A Pharmaceuticals, in a reverse takeover valued at £30 million.
The deal, payable in shares, would give Roquefort full ownership of Coiled USA and its lead asset AO-252, a first-in-class small molecule targeting the TACC3 protein for cancer treatment. AO-252 is currently in Phase I trials in the United States for advanced solid tumors and has shown early signs of efficacy and a favorable safety profile.
Roquefort said the acquisition aligns with its strategy to shift from pre-clinical to clinical-stage assets. The company plans to carve out its Lyramid Pty Ltd and MK Cell programs prior to completion, and rebrand as Coiled Therapeutics plc post-transaction.
A2A Pharmaceuticals and its investors have committed £6 million to fund development over the next two years, including dose expansion studies in late 2025 and patient enrollment for Phase III trials in 2026. Coiled USA also intends to advance Roquefort’s STAT-6 program into Phase I trials.
The term sheet includes exclusivity until Jan. 31, 2026, with a US$1 million termination fee for early withdrawal. The transaction was introduced and managed by CPS Capital Group Pty Ltd.
AO-252 has demonstrated complete tumor regression in preclinical models of ovarian, breast, gastric, and prostate cancers, and may benefit up to 350,000 patients across the U.S. and EU. It is designed to be a more precise and less toxic alternative to chemotherapy, with potential for combination use with immunotherapies.
Roquefort’s board described the deal as “transformational,” citing the opportunity to leverage A2A’s AI-driven SCULPT™ platform for accelerated drug development.