With bispecifics deal, Astellas becomes CytomX’s first new partner since 2017

By teaming with Astellas to develop bispecifics for immuno-oncology, CytomX has struck its first major partnership in two-and-a-half years, giving its shares a much-needed boost after a prolonged slump in 2018-19.

Astellas Pharma Inc. (Tokyo:4503) is paying $80 million up front to discover and develop T cell engaging bispecific antibodies that target CD3 and tumor cell surface antigens. The partners will use the Probody platform from CytomX Therapeutics Inc. (NASDAQ:CTMX), which addresses targets expressed on tumors and healthy tissues by including a masking peptide over the antibody’s antigen-binding region that is cleaved by proteases exclusively found in the tumor microenvironment...