EXEL - Exelixis to pay BioInvent $25M upfront to discover antibodies for cancer therapies

Exelixis (NASDAQ:EXEL) and Sweden's BioInvent International (OTC:BOVNF) signed a license agreement to develop novel antibodies for use in immuno-oncology therapies. The collaboration will use BioInvent's proprietary n-CoDeR antibody library and patient-centric F.I.R.S.T screening platform for target and antibody discovery, while Exelixis' expertise and resources in antibody engineering and antibody-drug conjugate (ADC) will be used, according to the companies June 16 press release. Under the agreement, Exelixis will pay BioInvent $25M an upfront for rights to select three targets identified using BioInvent’s F.I.R.S.T platform and n-CoDeR library. BioInvent will be responsible for initial target and antibody discovery activities, while Exelixis will have the right to exercise an option to in-license any of the target programs upon identifying a development candidate directed to that target. Following exercise of option, Exelixis will pay BioInvent an option exercise fee and will take over all future development and commercialization activities for the candidate, including potential ADC and bispecific

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Exelixis to pay BioInvent $25M upfront to discover antibodies for cancer therapies