Liminatus Pharma to acquire InnocsAI in US$320M share-based CAR-T oncology deal

USA—Liminatus Pharma has agreed to acquire CAR-T biotechnology firm InnocsAI in a share-based transaction valued at US$320 million, expanding Liminatus’s oncology pipeline and strengthening its position in next-generation cell therapy development.

Under the terms disclosed in a recent Securities and Exchange Commission filing, Liminatus will issue 1.6 billion shares priced at US$0.20 each to complete the acquisition.

In addition, InnocsAI shareholders will receive a contingent value right entitling them to 20% of any future proceeds generated from the sale or licensing of the acquired assets.

CAR-T pipeline expansion

InnocsAI brings a focused immuno-oncology portfolio led by IBC101, an autologous CD19xCD22 bivalent CAR-T therapy designed for relapsed or refractory B-cell malignancies.

The candidate has already received clearance to initiate a Phase 1/2 clinical study at a hospital in South Korea, marking its transition from preclinical development toward early human testing.

Liminatus highlighted in its filing that dual-target CAR-T strategies, such as CD19 and CD22, aim to broaden antigen coverage across malignant B cells.

Johnson & Johnson has also explored similar dual-target approaches in its own CAR-T programs, reflecting growing interest in multi-antigen engagement to improve treatment durability.

Dual-signal engineering approach

According to the company, IBC101 may offer next-generation potential for hematologic cancers, including diffuse large B-cell lymphoma and other aggressive B-cell disorders.

Behind this lead candidate sits INC101, a preclinical bicistronic CAR-T platform engineered with a dual-signal system.

Mesothelin provides primary tumour-associated activation, while B7-H3 delivers a secondary signal intended to refine tumour selectivity through dual antigen recognition.

InnocsAI is also advancing an antibody platform targeting CS1, which could be used as a modular component to enhance CAR-T functionality.

The approach could enable a trivalent CAR-T system by integrating CD19, CD22, and CS1 targeting, potentially extending the application into both B-cell and plasma-cell malignancies.

Strategic oncology alignment

For Liminatus, the acquisition aligns with its broader oncology strategy, which includes IBA101, a CD47-blocking monoclonal antibody scheduled for a Phase 1 trial.

The company has indicated that the program may be evaluated in combination with PD-1/PD-L1 checkpoint inhibitors for solid tumor indications.

Liminatus went public in 2022 through a SPAC merger and initially highlighted several immune-modulating therapies originating from research collaborations in the United States and South Korea.

Over time, however, its development focus has shifted, and it now positions itself as an early-stage, preclinical biotech.

The company’s financial position remains constrained, with reports indicating cash reserves of approximately US$1.9 million at the end of March.

Its low share price has also raised ongoing concerns about Nasdaq listing compliance, prompting management to explore alternative financial strategies, including a “digital asset treasury” approach to strengthen capital flexibility.

According to recent filings, both companies continue to evaluate integration timelines and clinical development priorities across the oncology asset portfolio alignment.