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12:00 AM
Aug 25, 2008
 |  BioCentury  |  Product Development

Building a case for CS1

When PDL BioPharma Inc.’s biotechnology operation makes its debut this year as an independent entity, the newco will be starting with proof of principle for its internal development efforts in the form of a large deal. Last week, PDL announced that the spinout and Bristol-Myers Squibb Co. will co-develop and co-commercialize elotuzumab, PDL’s first internally developed candidate against a novel target.

Elotuzumab (HuLuc63) is a mAb targeting CS1, a cell surface glycoprotein highly expressed on the surface of plasma cells in patients with multiple myeloma (MM). It is the first mAb to target CS1.

PDL will complete the Phase I program, after which BMS will lead global development. The biotech will receive $30 million up front and is eligible for $680 million in milestones. The companies will share profits...

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