BioInvent and ThromboGenics Receive Technology Transfer Success Fee from Roche
News Jan 29, 2009
BioInvent International AB and ThromboGenics NV announce that they have received a technology transfer success fee of €5 million from Roche under the terms of their strategic alliance for the novel anti-cancer antibody, TB-403.
The payment has been triggered by the successful transfer and implementation of technology and process development to Roche in relation to the ongoing clinical development of TB-403.
The TB-403 strategic alliance with Roche was signed in June 2008. Under the terms of this ongoing agreement, BioInvent and ThromboGenics received an initial upfront payment of €50 million, with the potential of milestone payments of up to €450 million following completion of a series of development and commercial milestones, as well as double digit royalties on future sales. ThromboGenics, which discovered TB-403, receives 60% and BioInvent 40% of the revenue from the deal.
Under the terms of the agreement, Roche is responsible for all development costs for TB-403, including the completion of the Phase Ib trial currently being run by BioInvent and ThromboGenics.
TB-403 (anti-PlGF) is a humanized monoclonal antibody that blocks the formation of the new blood vessels required by solid tumors to support growth. PlGF is a homologue of VEGF, and clinical evidence suggests that it plays a role in the angiogenesis of malignant tissue, and does not affect normal tissue angiogenesis.
Svein Mathisen, CEO of BioInvent, commented, “We are delighted to receive the success fee associated with this important event in our key strategic alliance with Roche. A good momentum has been achieved in the collaboration, and the value of the program continues to be enhanced. TB-403 has the potential to become a significant new treatment for cancer and we are pleased to be supporting Roche in its progress towards commercialization.”
Patrik De Haes, CEO of ThromboGenics, commented, “We are very pleased to be able to make this announcement today. The fact that we have been able to achieve the goal that has triggered this payment from Roche so quickly highlights the excellent working relationship that has developed between all parties in this important strategic alliance. We are looking forward to the results of the current Phase Ib clinical trial with TB-403, and in assisting Roche in paving the way for the broader clinical development program with this unique anti-cancer agent.”