BioNTech SE (NASDAQ: BNTX) and Medigene AG have entered a multi-target research collaboration to develop T cell receptor (TCR) based immunotherapies against cancer.
- The initial term of the collaboration is three years.
- Medigene will contribute its proprietary TCR discovery platform to develop TCRs against multiple solid tumor targets nominated by BioNTech.
- Medigene's automated, high throughput TCR discovery platform is designed to bypass central tolerance to yield high-affinity TCRs.
- Also See: Pfizer/BioNTech's Omicron-Targeted COVID-19 To Miss March Timeline: Reuters.
- BioNTech will acquire Medigene's next-generation preclinical TCR program, obtain the exclusive option to acquire additional existing TCRs in Medigene's discovery pipeline, and receive licenses to the company's PD1-41BB switch receptor and precision pairing library.
- Medigene will receive €26 million upfront and research funding for the period of the collaboration.
- BioNTech will be responsible for global development and hold exclusive worldwide commercialization rights on all TCR therapies resulting from the research collaboration.
- Medigene will be eligible to receive milestone payments up to a triple-digit million EUR amount per program in addition to tiered deferred option payments on global net sales for products.
- Price Action: BNTX shares are down 3.54% at $151.38 during the premarket session on the last check Tuesday.
Read at Benzinga