Exelixis & Iconic Therapeutics ink exclusive license and option deal
The exclusive license & option agreement has been signed for a new Antibody-Drug conjugate program. The program, named ICON-2, specifically targets Tissue Factor and would have a potential broad impact on oncology. Exelixis, Inc., (Exelixis), a Californian genomics-based drug discovery firm, has reportedly signed an exclusive license & option agreement with a San Francisco-based clinical-stage biopharmaceutical firm, Iconic Therapeutics (Iconic). Reports cite, the exclusive license & option agreement has been signed for a new Antibody-Drug conjugate program. The program, named ICON-2, specifically targets Tissue Factor and would have a potential broad impact on oncology. According to a press release by Exelixis, the collaboration reflects on the company’s current strategy of building a pipeline that goes beyond its own lead product CABOMETYX, through external business development & internal drug discovery both. The new deal with Iconic is Exelixis’ second strategic partnership that focuses on new biologics, following its collaboration with Invenra, Inc., which was announced in May of 2018. However, the exclusive deal is Iconic’s first strategic partnership in oncology & leverages its expertise in the innovative Tissue-Factor antibody. Under the terms of the agreement, Exelixis would be gaining exclusive option to license the ICON-2 program in exchange for a $7.5 million upfront payment option to Iconic and a preclinical development funding commitment. Moreover, Exelixis could also exercise its option by making an option exercise payment to take over responsibilities of all subsequent commercialization & clinical development activities at the time of the potential Investigational New Drug (IND) application. The Executive Vice President & Chief Scientific Officer at Exelixis, Peter Lamb, Ph.D., stated that Iconic is pursuing a highly innovative way to target Tissue Factor, which is a promising target with early clinical validation as well as a potential applicability across an array of different cancers. Dr. Lamb further added that the deal provides Exelixis an attractive entryway to the antibody-drug conjugate domain. According to reports, the exact amount of the option exercise payment has not been unveiled by any of the involved parties yet. Source Credit: https://finance.yahoo.com/news/exelixis-iconic-therapeutics-enter-exclusive-120000994.html http://ir.exelixis.com/news-releases/news-release-details/exelixis-and-iconic-therapeutics-enter-exclusive-option-and