Avid Bioservices Inc (CDMO)

[hutschi]

Oncologie Acquires Phosphatidylserine-Targeting Program from Avid Bioservices - MarketLine
14-Feb-2018 00:29:09
Oncologie, Inc, an oncology therapeutics company, has acquired phosphatidylserine (PS)-targeting program including bavituximab, from Avid Bioservices, Inc. (formerly Peregrine Pharmaceuticals, Inc.), a biotechnology company. Pursuant to the transaction, in addition to bavituximab, the deal includes Avid Bioservices' other PS-targeting antibodies, including betabodies, as well as certain other assets and licenses useful and/or necessary for the potential commercialization of bavituximab. In connection with the transaction, Avid Bioservices will receive an aggregate of USD8 million in upfront payments from Oncologie over a period of six months from the execution of the agreement and will be eligible to receive up to USD95 million in development, regulatory and commercialization milestones. Oncologie will be responsible for all future research, development and commercialization of bavituximab, and related intellectual property costs, with Avid Bioservices receiving royalties on net sales that are upward tiering into the mid-teens. Bavituximab is an investigational immune-modulatory monoclonal antibody that targets PS, a phospholipid that inhibits the ability of immune cells to recognize and fight tumors. This transaction enables Oncologie to to evaluate the immune modulating potential of bavituximab. ROTH Capital Partners LLC acted as financial advisor to the Avid Bioservices for the transaction.
This transaction enables Oncologie to to evaluate the immune modulating potential of bavituximab.