ArriVent BioPharma in Newtown Square is working on a deal potentially worth more than $1 billion to acquire the rights for an experimental gastrointestinal cancer treatment, writes John George for Philadelphia Business Journal.
ArriVent, found in 2021, has agreed to pay $47 million up front to Lepu Biopharma Co. of Shanghai for rights outside of Greater China to an antibody drug conjugate called MRG007.
Antibody drug conjugates combine a monoclonal antibody with a chemotherapy drug in cancer treatment.
MRG007 has shown positive results in preclinical testing.
“Expanding our pipeline with MRG007 furthers our mission to develop novel medicines for cancers with high unmet needs worldwide, and accelerates our [antibody drug conjugate] portfolio by adding a program which plans to enter the clinic in the near-term,” said Bing Yao, CEO of ArriVent, in a statement.
Lepu Biopharma could also receive another $1.16 billion in development, sales and royalties in the deal.
The proposed deal announcement drove up ArriVent shares by more than 5 percent to $26.58 as of Jan.22.
The agreement allows ArriVent to develop and commercialize MRG007 worldwide, except for mainland China, Hong Kong, Macau and Taiwan.
Find out more about ArriVent and this cancer treatment deal in the Philadelphia Business Journal.
