$REGN, $CTMX land $2 billion bio-bucks deal with $30M upfront to power up cancer-fighting drugs
CytomX Therapeutics Inc., which four months ago cut 40% of its staff after a clinical trial failure, said Thursday it snagged a $30 million upfront payment with a cancer drug research and development collaboration that ultimately could total $2 billion.
That trading point still is far off CytomX's 52-week high of $7.46 per share, but the rise indicates Wall Street's belief that CytomX is heading in the right direction with its third partnership with a large drugmaker in the bispecific antibody space. The process with what CytomX calls its Probody creates so-called antibody-drug conjugates that widen a drug's"therapeutic window" by increasing safety — since the drug doesn't link to healthy cells — and boosts the drug's efficacy, said CytomX CEOIt doesn't always work out as planned. CytomX's conditionally activated antibody-drug conjugate praluzatamab ravtansine this summer failed a mid-stage clinical trial in triple-negative breast cancer.
Regeneron will pay $30 million upfront to CytomX with"bio-bucks" — research, development and sales milestones — that can trigger up to $2 billion more. Regeneron, initially coupling up its Veloci-Bi bispecific antibody platform, will have the opportunity to nominate additional targets.The scientific validation of another deal is important for CytomX; so, too, is the money at a time when drug developers are trimming programs, staffing and other costs.
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