Teneobio announced as a result of its work with scientists from Janssen Research & Development, Janssen Biotech, one of the Janssen Pharmaceutical Companies of Johnson & Johnson, has elected to exercise a commercial option to license and advance an undisclosed multispecific product for development in an oncology indication. Under the terms of the collaboration agreement, which was first announced in Q3 of 2018, Janssen will receive exclusive global licensing rights to the multispecific product for clinical development and commercialization. Teneobio will receive a milestone payment from Janssen for the commercial license and is eligible for additional development and commercial milestones as well as royalties on world-wide net sales of the multispecific product.
“We are very pleased with the outcome of our collaboration with the Janssen R&D oncology team. The rapid advance of our program from discovery to preclinical proof-of-concept in less than a year and a half is a testament to Teneobio’s technology platforms and speed to enable drug discovery and to deliver,” Omid Vafa, CBO of Teneobio, said. “Janssen’s collaborative spirit allowed both teams to rapidly advance the multispecific antibody lead clinical candidate beyond preclinical proof-of-concept. We are eager to advance this asset to clinical stage, and Janssen’s deep expertise in the oncology space is a real advantage.”