BioInvent International AB announced it has achieved a research milestone event in its exclusive option and license agreement with Exelixis, Inc. involving an undisclosed target, triggering a milestone payment of USD 1 million to BioInvent. BioInvent and Exelixis entered into a collaboration and license agreement in June 2022, focused on the identification and development of novel antibodies for use in immuno-oncology therapeutics. The collaboration is intended to expand Exelixis' portfolio of antibody-based therapies and combine BioInvent's cancer immunology and antibody biology expertise with Exelixis' expertise and resources in antibody engineering and antibody-drug conjugate (ADC) technologies, and proven history of developing and commercializing oncology therapeutics.

Target and antibody discovery are performed using BioInvent's proprietary n-CoDeR antibody library and patient-centric F.I.R.S.T screening platform, which together allow for parallel target and antibody discovery. Under the terms of the agreement, Exelixis paid BioInvent an upfront fee of USD 25 million in exchange for rights to select three targets identified using F.I.R. S.T and n-CoDeR. BioInvent is responsible for initial target and antibody discovery activities, and characterization of antibody mechanism of action.

Exelixis has the right to exercise an option to in-license any of the target programs upon identification of a development candidate directed to that target. Upon option exercise, Exelixis will pay BioInvent an option exercise fee and will assume responsibility for all future development and commercialization activities for the development candidate, including potential ADC and bispecific antibody engineering activities. In addition, BioInvent will be eligible for success-based development and commercialization milestones, as well as tiered royalties on the annual net sales of any products that are successfully commercialized under the collaboration.