Exelixis taps into cancer antibody discoverer out of Sweden

Exelixis is doling out $25 million to snag rights to choose three targets found by BioInvent.

The California cancer drugmaker is linking arms with the Swedish biotech — both founded in the mid 90’s — to expand its suite of antibodies for immuno-oncology. BioInvent will offer up its cancer immunology and antibody biology chops and Exelixis will bring its antibody-drug conjugate tech to the table.

BioInvent will use its so-called n-CoDeR antibody library and screening platform to find the three yet-disclosed targets. The Lund, Sweden, biotech will be responsible for characterizing the antibodies’ mechanism of action, and then Exelixis has the right to in-license development candidates directed to those targets.

Option exercise fees and milestones are potentially on deck for BioInvent. Tiered royalties, too, if any products make it to market. Exelixis has experience on that front, with multiple approved therapies, including Cometriq, Cotellic and Cabometyx.

“Exelixis has a demonstrated…
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