Dark Blue Therapeutics, a spinout from the University of Oxford, has today been acquired by Amgen in a deal worth $840 million. This marks the second major sale from Oxford Science Enterprises (OSE) in six months, following the acquisition of Oxford Ionics by IonQ in mid 2024.
From academic insight to strategic asset
Born of research at the University of Oxford, Dark Blue Therapeutics was founded on the unconventional idea that certain cancers rely on previously overlooked biological dependencies that can be precisely dismantled. Its work on the MLLT1/3 pathway uncovered a critical vulnerability in acute leukaemias, translating academic insight into a drug development programme with real clinical promise.
That translation did not happen in isolation. The company was backed early by Oxford Science Enterprises, which played an active role from inception, providing capital, shaping strategy, and assembling a leadership team capable of navigating both scientific complexity and commercial execution. This acquisition marks OSE’s second major exit in six months, following the sale of Oxford Ionics to IonQ, underscoring the growing maturity of Oxford’s spinout ecosystem.
A new mechanism enters the oncology mainstream
At the centre of the deal is DBT 3757, Dark Blue’s lead candidate and a first-in-class investigational therapy for Acute Myeloid Leukaemia (AML) and Acute Lymphoblastic Leukaemia (ALL). Designed to degrade MLLT1/3 proteins within the Super Elongation Complex, the molecule has shown strong anti-cancer activity across a wide range of leukaemia models.
Crucially, DBT 3757 is currently in IND-enabling studies, with first-in-human trials expected within 12 to 18 months. Its potential as a single-agent therapy, combined with a favourable safety profile, opens the door to earlier use in treatment pathways and combination strategies, an increasingly important consideration in modern oncology development.
Why Amgen is the natural next owner?
For Amgen, the acquisition adds a genuinely differentiated therapeutic mechanism to an already deep cancer portfolio. Dark Blue’s science strengthens Amgen’s early discovery engine and aligns with its long-term focus on precision oncology.
The company plans to integrate Dark Blue directly into its research organisation, ensuring continuity while accelerating development through Amgen’s global capabilities. The deal, valued at up to $840 million including upfront and milestone payments, reflects confidence not only in DBT 3757 but in the underlying biology the team has pioneered.
Supported by investors including Bristol Myers Squibb and Evotec, Dark Blue’s journey illustrates how deeply rooted academic science, when paired with patient capital and industrial scale, can reshape the future of cancer treatment.
“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. With its world-leading capabilities in oncology and deep experience in developing, manufacturing, and commercialising novel medicines, we are confident that
Amgen will build on our pre-clinical work to bring DBT 3757 to the patients who urgently need new treatment options,” commented Alastair MacKinnon, CEO of Dark Blue Therapeutics: “We extend our sincere thanks to the entire Dark Blue team for their dedication and hard work, and to our investors OSE, BMS, and Evotec, whose invaluable support has made this achievement possible.”
“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,” said Jay Bradner, M.D., executive vice president of Research and Development at Amgen. “This acquisition complements and extends our research in targeted protein degradation and leukaemia therapeutics, advancing our strategy to invest early in rising medicines for novel therapeutic targets. The adjacency of this program to our considered expertise in cancer biology will propel MLLT1/3-targeting medicines to clinical investigation for patients facing the challenging diagnosis of AML.”
Craig Fox, Oxford Science Enterprises Board Representative, added: “As early supporters of Dark Blue, we are delighted to see the Company’s lead candidate, DBT 3757, a targeted protein degradation therapeutic, reach this important milestone. From the outset, we believed that targeting MLLT1/3 represents a first-in-class therapeutic strategy for patients with AML and ALL, and the progress made to date has strengthened that conviction. Amgen’s acquisition of Dark Blue is strong validation of Dark Blue’s science, team, and vision. We look forward to seeing this promising therapy advance swiftly into clinical development and ultimately reach patients living with this devastating disease.”
