BioCentury
ARTICLE | Company News

Covagen, Mitsubishi in deal for bispecific FynomAbs

October 18, 2012 12:57 AM UTC

Covagen AG (Zurich, Switzerland) will use its Fynomer protein engineering technology to develop bispecific proteins against two undisclosed target pairs from Mitsubishi Tanabe Pharma Corp. (Tokyo:4508; Osaka:4508). For the first target pair, Mitsubishi will pay Covagen EUR 4 million ($5.2 million) up front for exclusive, worldwide rights to bispecific proteins -- called FynomAbs. Mitsubishi will fund all research and will be responsible for development and commercialization. Covagen will be eligible for up to EUR 108.3 million ($140.2 million) in milestones for FynomAbs against the first target pair, plus tiered royalties. Mitsubishi also has an option to license FynomAbs against the second target pair. The companies said the financial terms for the second target pair are "substantially similar." ...