03 May Invenra Partners with Exelixis to Develop New Antibody Cancer Drugs
Xconomy Wisconsin — Invenra, a biotech startup that develops therapeutic antibodies for pharma companies, is joining forces with a Bay Area company to discover and develop new treatments for cancer.
Madison, WI-based Invenra’s announcement late Wednesday that it will partner with South San Francisco, CA-based Exelixis (NASDAQ: EXEL) said that the companies will develop as many as seven distinct projects. The companies, however, did not offer any details on which targets those projects will aim for in cancer.
Under the agreement, Exelixis will pay Invenra $2 million upfront, plus an additional $2 million at the outset of each new discovery project, the company said. Exelixis will receive an exclusive global license to one preclinical asset, Invenra said.
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