Novartis will collaborate with Monrovia, Calif.-based Xencor to develop bispecific antibodies to treat cancer, according to Reuters.
Switzerland-based Novartis will pay Xencor $150M up front in the agreement. The two companies will equally share the cost to jointly develop two Xencor antibodies as possible immunosuppressive therapies for cancer, according to a statement on Novartis' website.
Novartis will additionally have the rights to develop and commercialize four more bispecific antibodies and use Xencor's antibody technology in up to 10 additional molecules.
Xencor will retain full commercial rights in the U.S., while Novartis will receive commercial rights outside of the U.S.
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