Aug. 26 Quick Takes: Bolt, Innovent partner on non-traditional antibody conjugates
Plus ADC royalty deal, Sobi, Servier, DiCE IPO plans, AZ in Wilson’s and more
Bolt Biotherapeutics Inc. (NASDAQ:BOLT) and Innovent Biologics Inc. (HKEX:1801) announced a partnership to develop immune-stimulating antibody conjugates (ISACs) using Innovent’s mAb portfolio and discovery capability, and Bolt’s myeloid-activating conjugate technology. Innovent paid Bolt $5 million up front, will fund development through clinical proof of concept, and has Greater China rights to all resulting programs. It also retains an option to license global rights for one program, as well as rights for all territories except North America for another program. Bolt is eligible for a future equity investment of up to $10 million, and has the option to license ex-China rights for one program, and North American rights for another program.
Under a capped royalty deal with HealthCare Royalty Partners, Swiss oncology play ADC Therapeutics S.A. (NYSE:ADCT) will receive $225 million up front and is eligible to receive $100 million in milestones in exchange for giving up a 7% royalty on worldwide net sales and licensing revenues of Zynlonta loncastuximab tesirine-lpyl and camidanlumab tesirine (“Cami”). The Zynlonta royalties exclude Greater China, Singapore and South Korea; and the deal has a potential upward adjustment of up to 10%. The payable royalties are capped at 2.25-2.5x the amount paid. ...