– Companies will partner to advance multispecific antibodies in up to
seven discrete projects, including one program against an undisclosed
target currently in lead selection –
– Exelixis’ expansion into biologics builds upon history of success
in the discovery, development and commercialization of small molecule
drugs –
SOUTH SAN FRANCISCO, Calif. & MADISON, Wis.--(BUSINESS WIRE)--May 2, 2018--
Exelixis,
Inc. (Nasdaq: EXEL) today announced that it has entered into a
collaboration with Invenra,
Inc., the Madison, Wisconsin-based biotechnology firm focused on
developing next-generation biologics, to discover and develop
multispecific antibodies for the treatment of cancer. The partnership
pairs Exelixis’ fundamental biological insights, clinical development
prowess and commercialization expertise with Invenra’s innovative
platform technologies and biologics expertise to identify, optimize, and
manufacture multispecific therapeutics, including immunotherapy
applications. The collaboration is part of Exelixis’ ongoing strategy to
build an innovative pipeline beyond its two internally discovered,
commercially available compounds, cabozantinib and cobimetinib. The
agreement with Invenra creates a biologics discovery capability that
complements Exelixis’ in-house small molecule drug discovery efforts.
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Under the terms of the agreement, Exelixis and Invenra will collaborate
to discover and develop multispecific antibodies through the use of
Invenra’s B-Body™ technology platform, which enables high-throughput
discovery, functional screening, and in vitro and in vivo preclinical
characterization of promising therapeutic candidates. Invenra will be
responsible for antibody lead discovery and generation. Exelixis will
lead investigational new drug (IND)-enabling studies, manufacturing,
clinical development in single-agent and combination therapy regimens,
as well as future regulatory and commercialization activities.
“Partnering with Invenra to leverage its deep expertise in protein
engineering and the discovery of multispecific antibodies is an
important step toward adding proprietary biologics to the Exelixis
pipeline,” said Peter Lamb, Ph.D., Executive Vice President, Discovery
Research and Chief Scientific Officer of Exelixis.” We are excited to
work with the Invenra team and have structured our collaboration to
provide relatively small financial support upfront and pay for success
down the road. As we rebuild our internal small molecule discovery
capability, this partnership provides a complementary approach that
enables us to target pathways not accessible to small molecules,
increasing our ability to advance novel therapies into the clinic.”
Under the collaboration agreement, Exelixis will receive an exclusive,
worldwide license to one preclinical asset, and Exelixis and Invenra
intend to pursue up to six additional discovery projects during the term
of the collaboration, which in total are directed to three discovery
programs. In consideration for the exclusive worldwide license and other
rights contained in the collaboration agreement, Exelixis will pay
Invenra an upfront payment of $2.0 million plus $2.0 million at
initiation of each discovery project. Invenra is eligible to receive
payments of up to $131.5 million based on the achievement of specific
pre-clinical, clinical development and regulatory milestones for any
product containing a lead preclinical asset in the first indication.
Upon successful commercialization of a product, Invenra is eligible to
receive global milestone payments up to $325 million, if certain sales
thresholds are achieved as well as single digit tiered royalties on net
sales of the approved product.
“We’re very excited to partner with Exelixis on this multi-asset
collaboration as the company moves beyond its small molecule expertise
to build a biologics pipeline,” said Roland Green, Ph.D., Chief
Executive Officer and Co-Founder of Invenra. “Invenra’s B-Body™ platform
has been validated internally. Our innovative technologies to discover,
characterize, and generate multispecific antibodies pair well with
Exelixis’ demonstrated success in oncology clinical development and
commercialization. We look forward to working together with the Exelixis
team to bring forward potential new anti-cancer therapies.”
About Invenra
Invenra, Inc., is a biotechnology company focused on the discovery and
development of multispecific antibodies for immuno-oncology. Invenra’s
proprietary B-Body™ and SNIPER™ technologies are used to develop novel
antibodies that can bind to two or more specific therapeutic targets and
mimic the natural IgG antibodies made by the human body. The B-Body™
platform enables the rapid identification of an optimal combination of
epitope, affinity and geometry of an antibody using high throughput
in-format screening for function in cell-based assays, while maintaining
the biophysical characteristics needed for lead development.
Importantly, the B-Body™ platform is designed to create advantages for
candidate discovery with novel mechanisms of action and ease of
manufacturing. Invenra has developed its own pipeline of lead
multispecific antibodies and has partnered with several biotechnology
and pharmaceutical companies who leverage Invenra’s technologies to
identify molecules with biological relevance for drug development. For
more information, please visit www.invenra.com.
About Exelixis
Founded in 1994, Exelixis, Inc. (Nasdaq: EXEL) is a commercially
successful, oncology-focused biotechnology company that strives to
accelerate the discovery, development and commercialization of new
medicines for difficult-to-treat cancers. Following early work in model
genetic systems, we established a broad drug discovery and development
platform that has served as the foundation for our continued efforts to
bring new cancer therapies to patients in need. We discovered our lead
compounds, cabozantinib and cobimetinib, and advanced them into clinical
development before entering into partnerships with leading
biopharmaceutical companies in our efforts to bring them to patients
globally. We are steadfast in our commitment to prudently reinvest in
our business to maximize the potential of our pipeline. We intend to
supplement our existing therapeutic assets with targeted business
development activities and internal drug discovery – all to deliver the
next generation of Exelixis medicines and help patients recover stronger
and live longer. Exelixis recently earned a spot on Deloitte’s
Technology Fast 500 list, a yearly award program honoring the 500
fastest-growing companies over the past four years. For more information
about Exelixis, please visit www.exelixis.com
or follow @ExelixisInc
on Twitter.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements, including,
without limitation, statements related to: Exelixis’ strategy to build
an innovative pipeline beyond cabozantinib and cobimetinib; Exelixis’
plan to add proprietary biologics to its pipeline and the importance of
the Invenra partnership to that plan; the potential for the Invenra
partnership to increase Exelixis’ ability to advance novel therapies
into the clinic; Exelixis’ and Invenra’s intent to pursue up to six
additional discovery projects during the term of the collaboration;
Exelixis’ immediate and potential future financial obligations under the
collaboration and license agreement with Invenra; the potential of the
Exelixis-Invenra partnership to bring forward potential new anti-cancer
therapies; Exelixis’ commitment to reinvesting in its business to
maximize the potential of its pipeline, including through targeted
business development activities and internal drug discovery; and
Exelixis’ mission to deliver the next generation of Exelixis medicines
and help patients recover stronger and live longer. Words such as
“will,” “strategy,” “intend,” “look forward,” “focused,” “potential,”
“may,” “commitment,” or other similar expressions identify
forward-looking statements, but the absence of these words does not
necessarily mean that a statement is not forward-looking. In addition,
any statements that refer to expectations, projections or other
characterizations of future events or circumstances are forward-looking
statements. These forward-looking statements are based upon Exelixis’
current plans, assumptions, beliefs, expectations, estimates and
projections. Forward-looking statements involve risks and uncertainties.
Actual results and the timing of events could differ materially from
those anticipated in the forward-looking statements as a result of these
risks and uncertainties, which include, without limitation: the inherent
uncertainty of the drug discovery process; Exelixis’ dependence on its
relationships with its collaboration partners, including, the level of
their investment in the resources necessary to successfully develop and
commercialize products subject to the collaboration; the level of costs
associated with Exelixis’ commercialization, research and development,
in-licensing or acquisition of product candidates, and other activities;
Exelixis’ ability and the ability of its collaborators to conduct
preclinical studies and clinical trials of the products in its pipeline
sufficient to achieve a positive completion; risks related to the
potential failure of the products in Exelixis’ pipeline to demonstrate
safety and efficacy in clinical testing; risks and uncertainties related
to regulatory review and approval processes and Exelixis’ compliance
with applicable legal and regulatory requirements; market acceptance of
CABOMETYX, COMETRIQ, and COTELLIC and the availability of coverage and
reimbursement for these products; competition in the area of business
development activities; Exelixis’ dependence on third-party vendors for
the development, manufacture and supply of its products; Exelixis’
ability to protect the company’s intellectual property rights; market
competition; changes in economic and business conditions, and other
factors discussed under the caption “Risk Factors” in Exelixis’
quarterly report on Form 10-K filed with the Securities and Exchange
Commission (SEC) on February 26, 2018, and in Exelixis’ future filings
with the SEC. The forward-looking statements made in this press release
speak only as of the date of this press release. Exelixis expressly
disclaims any duty, obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained herein
to reflect any change in Exelixis’ expectations with regard thereto or
any change in events, conditions or circumstances on which any such
statements are based.
Exelixis, the Exelixis logo and Invenra are registered U.S.
trademarks.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180502006613/en/
Source: Exelixis, Inc.
For Exelixis:
Investors Contact:
Exelixis,
Inc.
Susan Hubbard, 650-837-8194
EVP, Public
Affairs and Investor Relations
shubbard@exelixis.com
or
Media
Contact:
For Exelixis, Inc.
Hal Mackins,
415-994-0040
hal@torchcommunications.com
or
For
Invenra:
Angela Bitting, 925-202-6211
media@invenra.com