Covagen admitted signing of two definitive pharma deals with Mitsubishi Tanabe, a top 50 pharma company and and its fully owned subsidiary Tanabe Research Laboratories for $146 million.
The nature of these pharma deals can be individually classified as an initial research collaboration further extending to a license agreement.
Under the agreed terms of these pharma deals signing , Covagen will use its proprietary Fynomer-antibody platform to generate bispecific proteins (FynomAbs) against two target pairs selected by TRL and Mitsubishi Tanabe.
Fynomers are small binding proteins that can be engineered to bind to any antigen of interest. Because of their excellent biophysical properties, Fynomers can be readily fused to therapeutic proteins such as antibodies to create bispecific FynomAbs.
For the global, exclusive rights to bispecific FynomAbs against one target pair, Mitsubishi Tanabe will pay to Covagen EUR 4.0 million upfront.
Also in the light of these pharma deals, Mitsubishi Tanabe will fund all research activities and be solely responsible for the development, manufacturing and global commercialization activities.
Upon achievement of certain research, development and regulatory milestones, Covagen will be entitled to receive payments of up to EUR 108.25 million for FynomAbs against the first target pair as well as tiered royalties on worldwide net sales of products resulting from the collaboration.
For further deal information visit Current Agreements (subscription required)
Read:more on partnering deals in pharma, biotech, life science partnering deal news, insights and glossary
Read: Big pharma deal news- latest deal news for top 50 pharma / big pharma companies
Report: Practical Guide to Finding Partners
Report: Partnering Deals and Alliances with Mitsubishi Tanabe
Related reports: Bigpharma Partnering Yearbook 2013
View: Top 50 pharma – overview of top 50 pharmaceutical companies by revenue – partnering activity, deal news, partnering dealtalk
View: Current Partnering’s Partnering Scorecard – view top life science partnering deals by value
View: Current Partnering’s Deal Metrics – the latest deal trend infographics for life science deal making
View: Current Partnering’s Big Pharma Deal Making Scorecard – latest trends in big pharma deal making activity