BioInvent extends collaboration for the discovery and development of therapeutic antibodies with Mitsubishi Tanabe Pharma Corporation
Lund, Sweden – 2 July, 2013 – BioInvent International AB (OMXS: BINV) today announces that it has signed an extension to its 2009 license agreement with Mitsubishi Tanabe Pharma Corporation for the development of antibodies from BioInvent's n-CoDeR® library. Under the terms of the extension, Mitsubishi Tanabe Pharma will continue to have access to BioInvent's discovery and development technology platform for a further two years and can develop up to eight antibody programmes.
BioInvent will receive an undisclosed initial fee plus annual maintenance fees and success-based milestone payments as well as royalties on commercialized products.
The n-CoDeR® library contains more than 20 billion (2 x 1010) highly diverse, fully human antibody fragments that have been created using BioInvent's patented approach, generating antibodies with high affinity and selectivity.
Cristina Glad, CEO of BioInvent, commented, “The signing of an extension for our n-CoDeR® technology by Mitsubishi Tanabe Pharma we believe underscores the continuing value placed on it by our collaborators and industry. The agreement is an example of our strategy to build partnerships that contribute to the funding of our current business and where our internal projects create additional value potential. We look forward to continuing to work with Mitsubishi Tanabe Pharma and building on our excellent relationship.”
-- END –
To the editors:
About BioInvent
BioInvent International AB, listed on the NASDAQ OMX Stockholm (BINV), is a research-based pharmaceutical company focused on discovery and development of innovative antibody-based drugs against cancer. The Company's pipeline currently includes three product candidates for the treatment of cancer.
The Company's competitive position is underpinned by n-CoDeR®, a proprietary antibody development platform. The scope and strength of this platform is also used to develop antibody-based drugs in collaboration with partners who finance the development of the new drug, and provide BioInvent the right to milestone payments and royalties on sales. These partners include Bayer HealthCare, Daiichi Sankyo, Mitsubishi Tanabe Pharma and Servier. More information is available at www.bioinvent.com.
For further information, please contact:
Cristina Glad
President and CEO
+46 (0)46 286 85 51
+46 (0)708 16 85 70
cristina.glad@bioinvent.com
BioInvent International AB (publ)
Co. reg. No. 556537-7263
Visiting address: Sölvegatan 41
Mailing address: 223 70 LUND
Phone: +46 (0)46 286 85 50
info@bioinvent.com
Legal disclaimer
The press release contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as the date they are made and are, by their very nature, in the same was as research and development work in the biotech segment, associated with risk and uncertainty. With this in mind, the actual outcome may deviate significantly from the scenarios described in this press release.
The information was submitted for publication at 8.45 a.m. CET, on 2 July, 2013.