Exelixis will pay $25 million upfront for the right to check out three drug targets from BioInvent's library, all in the name of bringing new antibody-based immuno-oncology therapies to market.
The deal aims to expand Exelixis’ portfolio via BioInvent’s antibody library and screening platform, dubbed the n-CoDeR library and F.I.R.S.T platform, respectively. After BioInvent uses its tech to identify both the targets and the antibodies that bind to them, Exelixis—which already has four commercially available products in certain areas of the world—can choose to in-license any of the programs.
Under the agreement, Exelixis will pay BioInvent for a selected program and assume responsibility for all future development and commercialization of the drug. BioInvent will be able to receive success-based milestones, as well as tiered royalties on yearly net sales of any products that make it to market.
Exelixis has brought four drugs to market thus far, including cabozantinib (sold in the U.S. under brand names Cometriq and Cabometyx) for treating medullary thyroid cancer, renal cell carcinoma, and hepatocellular carcinoma; FDA-approved melanoma treatment Cotellic, to be used in combination with Roche’s chemotherapy Zelboraf; and hypertension drug Minnebro, which is part of a collaboration with Daiichi Sankyo and is approved in Japan.
Exelixis has recently suffered several clinical setbacks, including last year’s surprise flop assessing Cabometyx in combo with Roche’s immuno-oncology agent Tecentriq for hepatocellular carcinoma, the most common type of liver cancer. Then, this spring, more disappointing data forced the company to pull the plug on its plans for a Cabometyx label expansion.
Amid the disappointing data reveals, the biotech nabbed industry and regulatory veteran Vicki Goodman, M.D., from Merck & Co. to serve as its new chief medical officer and executive vice president of product development and medical affairs. Goodman stepped into her new role in January and is building a new development team in Philadelphia as the California biotech expands east.
Meanwhile, new partner BioInvent currently has three drug candidates in four ongoing clinical programs for treating hematological cancer and solid tumors. The clinical-stage biotech currently generates revenue from research collaborations and license agreements with pharmas, as well as from manufacturing antibodies for third parties.