THANK YOU FOR SUBSCRIBING
Pharma Tech Outlook | Wednesday, February 24, 2021
Biomunex Pharmaceuticals recently announced the signing of a strategic worldwide exclusive license and co-development agreement for a patented bispecific antibody program.
FREMONT, CA: Biomunex Pharmaceuticals, a biopharmaceutical company that builds cutting-edge immunotherapy through the discovery and production of bi- and multi-specific antibodies, and Onward Therapeutics SA, a development stage oncology company, recently announced the signing of a strategic worldwide exclusive license and co-development agreement for a patented bispecific antibody program resulting from Biomunex's proprietary next-generation bi- and multi-specific antibody platform BiXAb®.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
According to the agreement's terms, Biomunex will gain an upfront payment for the license agreement and eventually receive payments on achieving clinical, regulatory, and commercial milestones, along with tiered royalties on global net sales. The agreement also involves a strategic investment by Onward in the current Biomunex Series A funding round. Other financial details have not been published.
"This license and co-development agreement for one of Biomunexs proprietary antibodies is a major step forward in the companys development and confirms the positioning of the company as a key player in the immunotherapy field. This demonstrates once again (following the 2019 deal with Sanofi), the value of our disruptive BiXAb technology in rapidly and efficiently generating new drugs in immuno-oncology. It also highlights the relevance of our business model, which combines partnerships around BiXAb technology with collaborations and licensing on its proprietary products. With this agreement, the ultimate objective is twofold: to discover and develop innovative bi- and multi-specific antibodies, offering new therapeutic options to patients and to bring an excellent return on investment and a high multiple to our investors," said Dr. Pierre-Emmanuel Gerard, Founder and CEO of Biomunex. "The revenue, as well as the planned Series A fundraising, will allow us to further accelerate our corporate growth and drive our immuno-oncology drug candidates towards clinical development."
"This deal is a great opportunity for Onward Therapeutics in establishing our product portfolio in the exciting field of immuno-oncology," said Dr. C. Grace Yeh, Chairman and CEO of Onward. "Both companies believe that this project ushers in the beginning of a productive collaboration for building innovative and robust pipelines in the future."
More in News