phototechno Day One Biopharmaceuticals ( NASDAQ: DAWN ) announced Tuesday that it has reached an exclusive licensing agreement with Chinese biotech MabCare Therapeutics to obtain rights for an experimental cancer therapy. The subject of the agreement, MTX-13, belongs to a new class of cancer therapies known as antibody-drug conjugates ((ADCs)) that have attracted big pharma M&A interest. Pfizer ( PFE ) acquired ADC drugmaker Seagen in December after a $43B deal.
“We are excited by the opportunity presented by DAY301, and we believe we have the right team in place to develop the program to its full potential,” Day One ( DAWN ) CEO Jeremy Bender remarked. DAY301 is designed to target PTK7, a protein overly expressed in tumors but underrepresented in normal tissues or organs. As part of the deal, Day One ( DAWN ) will receive exclusive rights to develop, manufacture, and commercialize MTX-13 globally except in Greater China.
In exchange, MabCare is entitled to $55M upfront and $1.152B in development, regulatory, and commercial milestones, in addition to low-to-mid single-digit royalties on global net sales outside China. MTX-13, to be renamed DAY301, is currently in early-stage development, with dosing in a Phase 1 trial expected to commence in Q4 2024 or Q1 2025.
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