Abzena PLC (LON:ABZA) has announced another licensing deal for its proprietary site-specific ThioBridge antibody drug conjugate (ADC) linker technology. This time it is with a Taiwanese biopharmaceutical company (OBI Pharma). The agreement enables the development of OBI Pharma’s proprietary ADC, OBI-999. The deal also allows OBI to develop further ADCs as potential treatments for cancer and includes a master services and clinical supply agreement. This again provides important validation of Abzena’s ADC technology and hybrid business model. Our rNPV valuation increases slightly to £134m (vs £132m) following inclusion of one ADC being developed through this deal and we note there is potential for more.
Another ThioBridge licensing deal
Abzena has announced a licensing deal with OBI Pharma, a Taiwanese biopharmaceutical company for its novel site-specific ThioBridge technology, which links antibodies/proteins to cytotoxic agents. Alongside this, both parties have also entered into a master services and clinical supply agreement for Abzena to provide further manufacturing process development and GMP manufacture of OBI-999 and other ADCs as they are developed. According to the company, the value of the agreement has the potential to reach up to £128m in development/commercial milestones if the partner successfully develops the ADC products. In addition, Abzena would also receive royalties on sales of any approved products that incorporate the ThioBridge technology.
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