Ona Therapeutics Acquired | Healthcare M&A Deal

Private equity has completed the acquisition of Ona Therapeutics, a healthcare services other business in Spain, for $86.6 million. Ona Therapeutics develops antibody drug conjugates using a platform technology that discovers novel antigens to address drug resistance in targeted oncology, with a lead ADC program planned to enter clinical testing for breast cancer. Based in Barcelona, the company analyzes tumor samples from treatment-resistant patients to identify epitopes that support efficient ADC internalization and aim to reduce on-target toxicities. The platform acquisition is structured as a platform deal with $50M–$100M deal size range and $86.6 million funding to advance ONA-255 in late preclinical development for breast cancer and other solid tumors, supporting a private equity acquisition thesis focused on next-generation ADC discovery.