Amgen in Immuno-Oncology Pact Worth up to $1.4 BillionBy
Amgen and CytomX Therapeutics, a San Francisco, California-headquartered biopharmaceutical company, have formed a strategic collaboration, worth up to $1.4 billion, to co-develop bispecific antibody constructs for immuno-oncology.
Amgen and CytomX have agreed to codevelop a CytomX Probody T-cell-engaging bispecific antibody construct against the epidermal growth factor receptor (EGFR), a target expressed on multiple human cancer types. Probody T-cell engaging bispecifics are antibody constructs capable of directing cytotoxic T-cells in tumor microenvironments
Amgen and CytomX will co-develop a Probody T-cell engaging bispecific against EGFRxCD3 with CytomX leading early development. Amgen will lead later development and commercialization with global late-stage development costs shared between the two companies. Amgen will make an upfront payment of $40 million and purchase $20 million of CytomX common stock. CytomX will be eligible to receive up to $455 million in development, regulatory, and commercial milestones for the EGFR program. Amgen will lead global commercial activities with CytomX able to opt into a profit share in the US and receive tiered, double-digit royalties on net product sales outside of the US.
Amgen will also receive exclusive worldwide rights to develop and commercialize up to three additional, undisclosed targets. Should Amgen ultimately pursue all of these targets, CytomX will be eligible to receive up to $950 million in additional upfront and milestone payments and high single-digit to mid-double digit royalty payments on any resulting products. CytomX will also receive the rights from Amgen to an undisclosed preclinical T-cell engaging bispecific program. Amgen is eligible to receive milestones and royalty payments on any resulting products from this CytomX program.