Exelixis will pay Invenra $15 million upfront on an expanded collaboration and licensing agreement that includes 20 new oncology targets.
The two companies initially linked arms back in May 2018 on the deal to create multispecific antibodies that complemented Exelixis’ small-molecule drug discovery efforts. The partnership includes mono-specific and multispecific antibodies for biologics to treat cancer.
That original deal included a $2 million upfront payment, $2 million for the initiation of each discovery project, biobucks up to $131.5 million and up to $325 million in global milestone payments, if certain sales thresholds were met.
The Alameda, California, and Madison, Wisconsin, biotechs then upped the ante in October 2019 with an expanded collaboration and now are again broadening the potential of the deal with 20 additional targets. Invenra is again eligible for biobucks, on top of tiered royalties, if any products come to market.
Under the deal, Exelixis owns all antibody sequences discovered from the collaboration, whether for uses in oncology or other disease areas. Exelixis also has the option for development and sale rights to certain future internal pipeline programs from Invenra in exchange for an opt-in fee under the latest deal.
Invenra is in the lead selection stage of its discovery collaboration with Exelixis. The biotech is also in the discovery stage of an undisclosed program and in the preclinical stage of two other programs.
“As Exelixis seeks to build a differentiated next-generation pipeline in oncology, we’re leveraging Invenra’s expertise in antibody and bispecific discovery to provide key building blocks for potential future Exelixis biologics, including antibody-drug conjugates,” said Peter Lamb, Ph.D., Exelixis’ chief scientific officer, in a statement.