Novartis inks a $2.5B bispecific cancer drug development alliance with Xencor
Novartis is jumping on board Xencor’s growing bispecific oncology platform. The pharma giant is paying $150 million upfront for a ticket to ride, beginning at the preclinical stage of development. And Novartis ($NVS) is promising up to $2.4 billion in milestones as it paves the way for a major new alliance for Jay Bradner’s Novartis Institutes for BioMedical Research in Cambridge, MA.
The pharma giant announced the pact with the Monrovia, CA-based biotech early Tuesday. In return Novartis gains ex-U.S. rights on two preclinical programs — the AML drug XmAb14045 and XmAb13676 for B-cell malignancies, both headed to the clinic later this year — as well as non-exclusive use of the tech for up to 10 more programs.
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