Sanofi and IGM Biosciences yesterday announced the signing of an exclusive worldwide collaboration agreement to create, develop, manufacture and commercialise IgM antibody agonists against three oncology targets and three immunology/inflammation targets. Engineered IgM antibodies represent a new class of potential therapeutics that combine the multi-valency of IgM antibodies possessing 10 binding sites compared to conventional IgG antibodies having only two target-binding sites, Sanofi notified in a statement.
Under the terms of the agreement, IGM will receive a $150 million upfront payment. Sanofi has also expressed an interest in purchasing up to $100M of IGM non-voting common stock in a public financing, said the statement.
It also said that for each oncology target collaboration programme, IGM will lead research and development activities and assume related costs through approval of the first Biologics Licence Application (BLA) for a product directed to that oncology target by the FDA or EMA in exchange for up to $940 million in development and regulatory milestones per oncology target. After receipt of the first marketing approval for a product directed to an oncology target, Sanofi will lead all subsequent development and commercialisation activities for that oncology target. For each oncology target, the companies will share profits 50:50 in certain major markets, and IGM will be eligible to receive tiered royalties on net sales in the rest of world.
For each immunology/inflammation target collaboration programme, IGM will lead research and development activities and assume related costs, through the completion of phase-I clinical trial for up to two constructs directed to each immunology/inflammation target, after which Sanofi will be responsible for all future development and related costs, in exchange for up to $1,065 million in aggregate development and regulatory and commercial milestones per immunology/inflammation target. Following the completion of phase-I clinical trial for each immunology/inflammation target, Sanofi will be responsible for subsequent development activities, commercialisation efforts and related costs. IGM is eligible to receive tiered high single-digit to low-teen royalties on global net sales, added the statement.
Closing of the collaboration is contingent on completion of review under antitrust laws, including the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 in the US, and customary closing conditions, concluded the statement.