Calypso's leading product candidate, CALY-002, is a focus of the deal.

European-based biotech manufacturer Calypso has entered into an agreement to be acquired by Novartis, according to a press release. 

"We are excited for this transaction with Novartis," Calypso CEO and Founder Alain Vicari said in a news release. "As part of the Novartis portfolio, CALY-002 is in the best position to be developed effectively, so that it can promptly address unmet medical needs in multiple indications.”

Calypso, a spin-out from Merck, specializes in the development of interleukin 15 (IL-15)-targeted therapies for a variety of autoimmune indications. According to the release, the acquisition provides Novartis with full rights to CALY-002, Calypso's lead product candidate, a potentially best-in-class therapeutic antibody that works by binding to and neutralizing IL-15. CALY-002 is currently being evaluated in a phase 1b clinical trial in patients with Celiac disease and eosinophilic esophagitis. As a product that targets IL-15, the development has potential impact for dermatologists as well.

 “The transaction with Novartis constitutes the high point in the development path of CALY-002 for the Calypso team," Bernard Coulie, Chairman of Calypso, said in a press release. "Calypso has established a significantly de-risked profile for CALY-002 as a potential best-in-class therapeutic anti-IL-15 antibody."

Read the full press release here.