Exelixis and BioInvent enter into an exclusive option and license agreement to develop novel antibody-based immuno-oncology therapies

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ALAMEDA, CA & LUND, SWEDEN–(BUSINESS WIRE)–Exelixis, Inc. (Nasdaq: EXEL) and BioInvent International AB (“BioInvent”) (Nasdaq Stockholm: BINV) today announced that the companies have entered into an option and license agreement focused on identifying and the development of new antibodies for use in IO therapy. The collaboration aims to expand Exelixis’ portfolio of antibody-based therapies and will combine BioInvent’s expertise in cancer immunology and antibody biology with Exelixis’ expertise and resources in antibody engineering and antibody-drug conjugate (ADC) technologies, as well as a proven history of oncology therapeutic development and commercialization. Target and antibody discovery will be performed using BioInvent’s proprietary n-CoDeR® antibody library and patient-centric FIRST™ screening platform, which together enable the parallel discovery of targets and antibodies.

Under the terms of the agreement, Exelixis will pay BioInvent an upfront fee of $25 million in exchange for the rights to screen three targets identified using BioInvent’s proprietary FIRST platform and n-CoDeR library. BioInvent will be responsible for initial target and antibody discovery activities, and characterization of antibody mechanism of action. Exelixis shall have the right to exercise an option to acquire a license for any of the target programs upon the identification of a candidate for development intended for this target. Upon exercise of the option, Exelixis will pay BioInvent an option exercise fee and assume responsibility for all future development and commercialization activities of the development candidate, including potential engineering activities ADC and bispecific antibodies. In addition, BioInvent will be eligible for success-based development and commercialization milestones, as well as tiered royalties on annual net sales of all products successfully commercialized under the collaboration.

“Expanding our biotherapeutics pipeline is a key strategic priority, and this agreement provides Exelixis with access to BioInvent’s expertise in antibody and cancer immunology, centered around the innovative FIRST discovery platform, which screens rapidly samples from cancer patients to identify antibodies and targets with promising therapeutic potential,” said Peter Lamb, Ph.D., Executive Vice President, Scientific Strategy and Chief Scientific Officer, Exelixis. “We believe that this patient-centric and biology-driven approach has great potential to identify novel targets and enable the development of differentiated antibody-based IO therapies.

“BioInvent is committed to translating its expertise in cancer immunology and antibody mechanism of action into innovative IO therapies that can improve patient outcomes,” said Martin Welschof, CEO of BioInvent. “Exelixis has a proven track record of bringing important new oncology drugs to market and establishing highly productive collaborations that integrate diverse and complementary skill sets and technologies – such as conjugation of monoclonal antibody toxins and cytokines for the ADC and bispecific monoclonal antibody technologies – to enable the identification and development of innovative therapies with high clinical and commercial potential. We are confident that our expertise in cancer immunology and our discovery platform will support Exelixis’ mission to expand its biologics portfolio, and we look forward to working together. »

About Exelixis

Founded in 1994, Exelixis, Inc. (Nasdaq: EXEL) is a commercially successful oncology-focused biotechnology company dedicated to accelerating the discovery, development and commercialization of new drugs for difficult-to-treat cancers. Following early work on model systems genetics, we have established an extensive drug discovery and development platform that has served as the foundation for our ongoing efforts to bring new cancer therapies to the patients who need them. Our discovery efforts have resulted in four commercially available products, CABOMETYX® (cabozantinib), COMETRIQ® (cabozantinib), COTELLIC® (cobimetinib) and MINNEBRO® (esaxerenone), and we have partnered with leading pharmaceutical companies to bring these important medicines to patients around the world. Supported by revenue from our marketed products and collaborations, we are committed to prudently reinvesting in our business to maximize our pipeline potential. We complement our existing therapeutic assets with targeted commercial development and in-house drug discovery activities, all to deliver the next generation of Exelixis medicines and help patients recover stronger and live longer. Exelixis is a member of the Standard & Poor’s (S&P) MidCap 400 Index, which measures the performance of profitable mid-sized companies. For more information about Exelixis, please visit www.exelixis.com, follow @Exelixis Inc on Twitter or like Exelixis, Inc. on Facebook.

About BioInvent

BioInvent International AB (Nasdaq Stockholm: BINV) is a clinical-stage biotechnology company discovers and develops first-in-class novel immunomodulatory antibodies for the treatment of cancer, with currently three drug candidates in four ongoing clinical programs in phase 1/2 trials for the treatment of hematological cancer and solid tumors, respectively and one fifth program just launched clinical development. The company’s validated and proprietary FIRST™ technology platform simultaneously identifies targets and the antibodies that bind to them, generating many promising new drug candidates to feed into the company’s own clinical development pipeline or for in-licensing and additional partnerships.

The Company generates revenue from research collaborations and licensing agreements with several leading pharmaceutical companies, as well as from the production of antibodies for third parties in the Company’s fully integrated manufacturing unit. More information is available at www.bioinvent.com. Follow on Twitter: @BioInvent.

This information is information that BioInvent International is required to make public in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons listed above, on 2022-06-16 at 06:00 CEST.

Exelixis Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, statements relating to: Exelixis’ belief that its collaboration with BioInvent positions Exelixis to expand its biotherapeutic product development pipeline; the immediate and future financial and other obligations of Exelixis under the option and license agreement with BioInvent; the potential of the two companies’ collaboration to identify novel targets and enable the development of differentiated antibody-based IO therapies that can improve patient outcomes; and Exelixis’ plans to reinvest in its business to maximize the potential of the Company’s pipeline, including through focused business development activities and in-house drug discovery. All statements referring to expectations, projections or other characterizations of future events or circumstances are forward-looking statements and are based on Exelixis’ current plans, assumptions, beliefs, expectations, estimates and projections. Forward-looking statements involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements due to these risks and uncertainties, which include, but are not limited to: the level of costs associated with commercialization, research and development of Exelixis, the licensing or acquisition of product candidates and other activities; the uncertainties inherent in the drug discovery and product development process; Exelixis’ reliance on its relationship with BioInvent, including BioInvent’s compliance with its obligations under the Option and License Agreement; the complexity and unpredictability of regulatory review and approval processes in the United States and elsewhere; the continued compliance of Exelixis and BioInvent with applicable legal and regulatory requirements; the ability of Exelixis and BioInvent to protect their respective intellectual property rights; market competition; changes in economic and business conditions, including due to the COVID-19 pandemic and other global events; and other factors affecting Exelixis and its product portfolio discussed under “Risk Factors” in Exelixis’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 10, 2022, and in future documents filed by Exelixis with the second. All forward-looking statements contained in this press release are based on information available to Exelixis as of the date of this press release, and Exelixis undertakes no obligation to update or revise any forward-looking statements contained in this press release, except as required by law.

BioInvent Forward-Looking Statements

The press release contains forward-looking statements, consisting of subjective assumptions and forecasts of future scenarios. Predictions about the future speak only as of the date on which they are made and are, by their very nature, like research and development in the field of biotechnology, associated with risks and uncertainties. . With this in mind, the actual outcome may deviate significantly from the scenarios described in this press release.

Exelixis, the Exelixis logo, CABOMETYX and COMETRIQ are US registered trademarks of Exelixis.

COTELLIC is a registered trademark of Genentech, Inc.

MINNEBRO is a registered trademark of Daiichi Sankyo Company, Limited.

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