Ambit Biosciences

Ambit was an American pharmaceutical company focused on development of kinase inhibitor therapeutics to treat a variety of human diseases.[1]: 3 [n 1] As of March 2014, the company was based in San Diego, California, and consisted of a single facility.[2]: 58  Ambit made an initial public offering in May 2013,[2] and was listed on the NASDAQ exchange under the symbol "AMBI".[3] Ambit was acquired by Daiichi Sankyo in 2014 and is no longer traded on the NASDAQ exchange.[4]

Products

As of March 2014, three products were under development, of which quizartinib was their lead drug candidate.[1]: 3 

Business model

In June 2010, Ambit completed a Series D-2 round of equity financing, raising $30 million in new capital.[5] The investor syndicate was led by Apposite Capital LLP and included existing investors such as Perseus-Soros Biopharmaceutical Fund, OrbiMed Advisors, Forward Ventures, Roche Venture Fund, MedImmune Ventures, GIMV, GrowthWorks, Genechem, Radius Ventures, NovaQuest and Horizon Technology Finance.[6]

As of March 2014, Ambit sought to develop new therapeutics through internal, proprietary research, which is evidenced by their pipeline of three products consisting entirely of internally developed therapeutics.[1]: 3  Further, Ambit aimed to be a full life cycle pharmaceutical company by conducting discovery, development and further commercialization of therapeutics.[1]: 3 

Among the firms who invested heavily in Ambit prior to its initial public offering was Foresite Capital in January 2013.[3]

In November 2014, Ambit was acquired by Daiichi Sankyo.[7] The prime asset that drove this deal was Ambit's quizartinib (AC220).[8]

References
  1. "Form 10-K: Ambit Biosciences Corporation. Commission file number: 001-35919". EDGAR. U.S. Securities and Exchange Commission. March 20, 2014. Retrieved 2017-06-27.
  2. Huggett, Brady (December 2013). "Burning bright". Nature Biotechnology. 31 (12): 1068–1071. doi:10.1038/nbt.2766. PMID 24316634.
  3. Fidler, Ben (2014-04-01). "Foresite Capital Reloads With New $300M Late-Stage Biotech Fund". Xconomy. Retrieved 2017-06-27.
  4. "Daiichi Sankyo to Acquire Ambit Biosciences for Up to $410M". GEN - Genetic Engineering and Biotechnology News. 29 September 2014.
  5. "Horizon Technology Finance Corporation (HRZN) Stock Price, News, Quote & History - Yahoo Finance". finance.yahoo.com. Retrieved 2022-12-08.
  6. "Ambit Biosciences Completes $30 Million Series D-2 Financing". www.businesswire.com. 2011-06-10. Retrieved 2019-12-05.
  7. Fikes, Bradley J. (2017-01-16). "Local biotech turning to Japan for partnerships". The San Diego Union-Tribune. Retrieved 2017-06-27.
  8. Carroll, John (2014-09-28). "Daiichi Sankyo bags leukemia drug in $410M Ambit buyout". FierceBiotech. Retrieved 2019-12-05.

Notes
  1. The SEC 10K submission for 2013 indicates that the company is a "biopharmaceutical" company, which implies that they are primarily developing biopharmaceuticals; however, their lead product is a small molecule therapeutic, calling into question the term used in the SEC submission.
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