Cancer Space Last Week Update: Pipeline Expansion In Focus
Zacks Investment Research | Oct 08, 2017 10:13PM ET
There was not much activity in the cancer space last week. Notable among them was an immuno-oncology partnership deal signed between Amgen and CytomX for developing t-Cell based therapy for cancer and acquisition of a late stage prostate cancer candidate by Endocyte. Also, the FDA granted breakthrough therapy designation to Seattle Genetics’ Adcetrics. Moreover, the U.S. Patent and Trademark Office ruled in favor of Eli Lilly in a patent litigation for Alimta. Let’s see the news in details.
Key News
Amgen, Inc. (NASDAQ:AMGN) and CytomX Therapeutics, Inc. (NASDAQ:CTMX) entered into a strategic immuno-oncology collaboration for jointly developing t-cell engaging bispecific probody. Amgen will pay CytomX $40 million upfront and another $20 million will be invested in the latter’s stock.
Per the deal, the initial work will be done by Cytomx while Amgen will be responsible for late stage studies and commercialization. Apart from the upfront payment and the equity investment, CytomX will also be eligible to receive up to $455 million in milestones as well as an opt-in right in U.S. profits and royalties on outside U.S. sales, if the product is commercialized. The addition of this technology platform will expand Amgen’s immuno-oncology capabilities, while CytomX will have a strong partner in Amgen and also a regular flow of funds. (Read more: Amgen Enters Into Immuno-Oncology Partnership With CytomX )
Amgen Inc. Price and Consensus
Endocyte Inks Deal For Prostate Cancer Candidate )
Endocyte, Inc. Price and Consensus
Seattle Genetics' Adcetris Gets Breakthrough Therapy Status )
Seattle Genetics, Inc. Price and Consensus
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