XNCR - Zenas Bio acquires worldwide rights to Xencor's obexelimab

Xencor (NASDAQ:XNCR) and Zenas BioPharma, a global biopharmaceutical company based in U.S. and China announce that Zenas has acquired from Xencor exclusive worldwide rights to develop, manufacture and commercialize the investigational antibody obexelimab. Under the terms of the new agreement, Zenas will issue to Xencor a warrant giving latter the right to acquire additional Zenas equity, such that Xencor’s total equity would be 15% of its fully diluted capitalization. Xencor previously received equity in Zenas under a separate license agreement. Xencor is also eligible to receive up to $480M based on the achievement of certain milestones and is eligible to receive tiered, mid-single digit to mid-teen percent royalties upon commercialization of obexelimab, dependent on geography. Xencor demonstrated through early-stage clinical studies that obexelimab effectively inhibits B-cell function without depleting the cells and generates an encouraging treatment effect in patients with multiple autoimmune diseases.

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Zenas Bio acquires worldwide rights to Xencor's obexelimab