Amgen has acquired Oxford-based Dark Blue Therapeutics in a transaction valued at up to €718 million, marking one of the most significant European biotech exits of early 2026. The deal underscores sustained global interest in European precision oncology companies, particularly those advancing first in class therapies for hard to treat blood cancers.
Dark Blue Therapeutics is a British discovery and development biotech focused on precision oncology. Its lead candidate, DBT 3757, is a novel therapy for acute leukaemia and is currently in IND enabling studies. The programme will now be advanced within Amgen’s global oncology research organisation.
A strategic acquisition to strengthen Amgen’s oncology pipeline
The acquisition brings Dark Blue’s MLLT1 and MLLT3 targeting programme into Amgen’s research portfolio. DBT 3757 is positioned as a first in class therapeutic candidate with the potential to deliver strong and durable responses as a single agent, while also serving as a backbone for future combination treatments earlier in the disease pathway.
Amgen has signalled that the programme aligns closely with its existing work in targeted protein degradation and leukaemia research. By integrating Dark Blue into its organisation, Amgen aims to accelerate development and move the therapy into clinical trials for patients with acute myeloid leukaemia and acute lymphoblastic leukaemia.
Jay Bradner, Executive Vice President of Research and Development at Amgen, said the acquisition reflects the company’s strategy of investing early in rising medicines addressing novel therapeutic targets. He added that acute myeloid leukaemia remains one of the most difficult cancers to treat and that new mechanisms are urgently needed to change patient outcomes.
Dark Blue Therapeutics and its scientific foundations
Founded in 2020, Dark Blue Therapeutics emerged from research at Oxford University. The company focuses on identifying previously unexploited vulnerabilities in cancer biology and translating those insights into precision medicines.
Its lead programme is based on targeting MLLT1 and MLLT3, proteins implicated in aggressive forms of acute leukaemia. According to the company, this approach represents an entirely new therapeutic strategy for both AML and ALL, with the potential to produce broad and durable responses across patient populations.
Dark Blue’s early research was supported by the LAB282 pre Seed initiative, helping move academic insights into a translational drug development programme. Since then, the company has progressed DBT 3757 through preclinical development and into IND enabling studies.
Investor backing and ecosystem support
Dark Blue has been supported by a strong group of strategic and institutional investors, including Oxford Science Enterprises, Bristol Myers Squibb, and Evotec. This backing provided both capital and industrial expertise, helping the company move rapidly from discovery into development.
Alastair MacKinnon, CEO of Dark Blue Therapeutics, said Amgen’s expertise, resources, and commitment to oncology development make it the right home to advance DBT 3757. He noted that Amgen is well positioned to build on Dark Blue’s preclinical work and bring the therapy to patients who do not respond to existing treatments.
Craig Fox, Board Representative at Oxford Science Enterprises, described the acquisition as a strong validation of Dark Blue’s science, team, and vision. He said early conviction in the MLLT1 and MLLT3 strategy has been reinforced by the progress achieved to date.
The deal in the context of Europe’s oncology funding landscape
The acquisition takes place against a backdrop of sustained capital flows into European oncology and precision medicine startups throughout 2025. Several large funding rounds across the continent highlight continued investor confidence in cancer focused platforms.
Recent notable rounds include:
- Tubulis, which raised €308 million in a Series C to advance antibody drug conjugate programmes
- Adcytherix, which secured €105 million in a Series A for novel ADC based cancer therapies
- Artios Pharma, which closed a €99 million Series D to expand its precision oncology pipeline
The UK has also remained an active hub for oncology innovation. Companies such as CHARM Therapeutics raised €68.5 million for AI driven drug discovery, while T Therapeutics secured €27.5 million to progress immuno oncology programmes.
Across Europe, further funding was reported for Hedera Dx in Switzerland, Adaptam Therapeutics in Spain, and Lithea in Sweden. Together, these rounds represent more than €600 million in disclosed oncology focused funding in 2025, placing Dark Blue’s acquisition at the upper end of strategic interest in the sector.
Why the Dark Blue acquisition matters
The up to €718 million valuation reflects the growing appetite of global pharmaceutical companies to acquire European biotech assets earlier in the development cycle. Rather than waiting for late stage clinical data, acquirers are increasingly targeting high conviction, first in class science with strong biological rationale.
For the UK biotech ecosystem, the deal reinforces Oxford’s role as a leading source of translational oncology research. It also highlights the importance of long term institutional support, patient capital, and strong academic industry links in building globally competitive biotech companies.
For Amgen, the acquisition strengthens its early oncology discovery efforts and expands its pipeline of targeted protein degradation therapies. For patients with acute leukaemia, it represents a potential step toward new treatment options in diseases where outcomes remain poor.
As European biotech continues to mature, transactions like this signal that the continent is not only producing innovative science but also delivering assets capable of attracting global strategic capital at scale.
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