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Denali Therapeutics to buy privately held F-star Gamma

Denali Therapeutics Inc. agreed to exercise its option to buy the U.K.-based F-star Gamma Ltd. for $24 million, plus any net cash held by the privately held company.

The option is part of a 2016 license and collaboration agreement between Denali and F-star to develop a platform that can deliver therapeutics across the blood–brain barrier. The platform under development is called Fcab — Fc-domains with antigen-binding activity.

The blood–brain barrier, which separates the blood from the brain and extracellular fluid, protects the brain by blocking entry of harmful agents but also significantly hinders the delivery of therapeutics to the brain.

Denali has also exercised its right to nominate the two remaining Fcab targets under the terms of the original agreement.

South San Francisco, Calif.-based Denali, which is focused on neurodegenerative diseases, may also pay up to $447 million to F-star on the achievement of certain future milestones.