BioInvent Extends Collaboration for the Discovery and Development of Therapeutic Antibodies with Mitsubishi Tanabe

BioInvent International AB today announces that it has signed an extension to its 2009 license agreement with Mitsubishi Tanabe Pharma Corporation for the development of antibodies from BioInvent's n-CoDeR® library. Under the terms of the extension, Mitsubishi Tanabe will continue to have access to BioInvent's discovery and development technology platform for a further two years and can develop up to eight antibody programmes.

BioInvent will receive an undisclosed initial fee plus annual maintenance fees and success-based milestone payments as well as royalties on commercialized products.

The n-CoDeR® library contains more than 20 billion (2 x 1010) highly diverse, fully human antibody fragments that have been created using BioInvent's patented approach, generating antibodies with high affinity and selectivity.

Cristina Glad, CEO of BioInvent, commented, “The signing of an extension for our n-CoDeR® technology by Mitsubishi Tanabe we believe underscores the continuing value placed on it by our collaborators and industry. The agreement is an example of our strategy to build partnerships that contribute to the funding of our current business and where our internal projects create additional value potential We look forward to continuing to work with Mitsubishi Tanabe and building on our excellent relationship.”