Amgen to buy Dark Blue Therapeutics for up to $840M
Amgen has agreed to acquire Dark Blue Therapeutics, a University of Oxford spinout, in a deal valued at up to $840 million, the companies said on Tuesday. The transaction—structured as an upfront payment plus development and regulatory milestones—brings a first-in-class acute leukemia program into Amgen’s oncology pipeline and marks another high-profile outcome for Oxford’s commercialisation ecosystem.
The acquisition is the second major exit in roughly six months linked to Oxford Science Enterprises (OSE), an investor and company builder that backs research-driven spinouts from the University of Oxford. OSE previously highlighted the sale of Oxford Ionics to IonQ in 2024 as a milestone for the region’s deep-tech pipeline; the Dark Blue transaction adds a significant biotech outcome to that list.
From Oxford research to a strategic oncology asset
Dark Blue Therapeutics was founded on research originating at the University of Oxford and built around the premise that certain cancers depend on biological “weak links” that have historically been underappreciated. The company’s scientific work focused on the MLLT1/3 pathway, identifying it as a potential vulnerability in acute leukemias and translating that insight into a drug development program aimed at disrupting disease-driving processes.
According to the companies, OSE played an early and active role in the company’s formation—providing initial capital and helping shape strategy and leadership as the program moved from academic discovery toward drug development. The deal also underscores the broader maturation of Oxford’s spinout ecosystem, where academic labs increasingly serve as the starting point for venture-backed therapeutics platforms.
A targeted protein degradation program for AML and ALL
At the center of the acquisition is DBT 3757, Dark Blue’s lead investigational candidate for Acute Myeloid Leukaemia (AML) and Acute Lymphoblastic Leukaemia (ALL). The molecule is designed to degrade MLLT1/3 proteins within the Super Elongation Complex, a mechanism the company says has produced strong anti-cancer activity across a broad range of leukemia models.
The asset is currently in IND-enabling studies, a stage of preclinical development intended to support an Investigational New Drug submission. Dark Blue expects first-in-human studies to begin in roughly 12 to 18 months, subject to successful completion of preclinical requirements and regulatory clearance.
In addition to efficacy signals in models, the company has emphasized the candidate’s potential to be used as a single-agent therapy and its “favourable safety profile,” both of which can be important in determining how early a medicine can be introduced in treatment pathways and whether it can be combined with other therapies. Combination potential is increasingly central in oncology development, particularly in hard-to-treat blood cancers where resistance and relapse remain persistent challenges.
Why Amgen is moving now
For Amgen, the acquisition adds a differentiated mechanism and expands its earlier-stage discovery and development footprint in leukemia. The company said it intends to integrate Dark Blue into its research organization, aiming to preserve scientific continuity while accelerating the program using Amgen’s global development capabilities.
The deal also aligns with Amgen’s stated interest in precision oncology and targeted protein degradation, an approach that seeks to eliminate disease-driving proteins rather than merely inhibiting them. As large pharmaceutical companies compete for novel mechanisms in oncology, assets that offer first-in-class biology—especially those with a clear translational rationale—can command significant valuations even prior to clinical proof-of-concept.
Executive comments point to urgency in acute leukemia
Alastair MacKinnon, CEO of Dark Blue Therapeutics, said the company believes Amgen is well-positioned to advance the candidate for patients with acute leukemia, including those who do not respond to existing standard therapies.
“Amgen has the expertise, resources and commitment to accelerate development of DBT 3757 to treat patients with acute leukaemia, including those that do not respond to current standard therapies,” MacKinnon said, adding that the company expects Amgen to build on Dark Blue’s preclinical work and move the program into the clinic.
Jay Bradner, executive vice president of Research and Development at Amgen, framed the acquisition as a response to the continued difficulty of treating AML. “Acute myeloid leukaemia remains one of the most difficult cancers to treat, and we see an urgent need for new mechanisms capable of changing the trajectory of this disease,” he said, adding that the deal complements Amgen’s research in targeted protein degradation and leukemia therapeutics.
Investors and Oxford’s spinout model in focus
Craig Fox, an OSE board representative, said the acquisition validates the company’s scientific approach and team, and he expressed optimism that the therapy will progress rapidly into clinical development. Dark Blue has also been backed by investors including Bristol Myers Squibb and Evotec, reflecting the mix of strategic and specialist capital often required to move complex biology from the lab into drug development.
While financial terms beyond the headline value were not detailed in the announcement, the structure—up to $840 million including milestones—signals that significant value is tied to development progress and future approvals. The next major inflection point will be successful IND-enabling work and initiation of clinical trials, where early safety and efficacy signals can begin to test the promise of the MLLT1/3 strategy in patients.
For Oxford’s innovation ecosystem, the deal adds another data point that academic science—when paired with experienced operators, patient capital, and a clear translational pathway—can produce assets attractive to global pharmaceutical buyers.
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