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BioInvent and ThromboGenics have entered into a license agreement with Roche for, TB-403, their novel mAb targeting Placental Growth Factor (PIGF) for the treatment of cancer. Under the terms of the agreement:
Roche will pay BioInvent and ThromboGenics an upfront payment of €50 million. In addition, BioInvent and ThromboGenics could potentially receive up to €450 million over the term of the collaboration based on the successful completion of a series of development and commercial milestones for multiple indications, as well as double digit royalties on potential product sales, including any backup antibodies based on inhibition of PlGF. ThromboGenics, which discovered TB-403, will receive 60% and BioInvent 40% of the revenue from the deal. Roche will have a worldwide, exclusive license to develop and commercialize TB-403. BioInvent and ThromboGenics will retain co-promotion rights for the product in the Nordic, Baltic and Benelux regions.
TB-403 (Anti-PIGF) has completed an initial Phase I clinical trial and recently received approval to enter a Phase Ib dose escalation trial. This Phase Ib trial will be conducted in patients with advanced cancer and is due to commence shortly in Denmark.
Oncology therapeutics are such a hot field right now and ThromboGenics/BioInvent scored a pretty sweet deal. €50 million upfront for phase I compound is way above the norm and is usually seen after successful completion of phase 2a or 2b but given the climate, I’m not totally surprised.
I also think Roche was the right partner in the strategic pipeline compatibility sense. They already market Avastin (with the Genentech connection) for multiple types of cancer, and from the press release, targeting PIGF would be complementary (a mAb against PIGF would inhibit angiogenesis).
As with all deals, time will tell but from the 20,000 foot perspective, this one looks like a good one.
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Eben is a highly caffeinated business development associate at a small, cash sensitive pharmaceutical company somewhere in Massachusetts. He enjoys cliche-less banter, compartmentalization, non-equilibrium thermodynamics and NPV analysis. Agree or disagree with what he's posted? He encourages comments.
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