Under the terms of the extension agreement, Mitsubishi Tanabe will continue to access BioInvent’s discovery and development technology platform for two more years and can develop up to eight antibody programs.
In addition to being eligible for royalties on commercialized products, BioInvent will receive an undisclosed amount of initial payment as well as maintenance payment and milestone payments.
Using BioInvent’s patented approach, the n-CoDeR library contains more than 20 billion highly diverse, fully human antibody fragments with high affinity and selectivity.
BioInvent CEO Cristina Glad said, "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."