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news.US biopharmaceutical firm Baxalta has signed an agreement worth up to $1.6bn with Danish biotechnology company Symphogen to develop cancer drugs.
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The immuno-oncology collaboration intends to advance development of novel immune checkpoint therapies.
Baxalta agreed to make an upfront payment of $175m to Symphogen in exchange for exclusive rights to six checkpoint therapies, with the initial program to enter clinical trials in 2017.
Symphogen will carry out research and development works through phase 1 clinical studies at its own expense.
Baxalta will make further payments up to $1.6bn in option fees and milestones over the long-term, apart from royalties on global sales.
Baxalta executive vice president and president of oncology David Meek said: "With the expertise Symphogen offers in this category and their broad portfolio of early-stage immuno-oncology programs, this collaboration allows us to actively advance one of the most innovative areas of this field."
Symphogen CEO Kirsten Drejer said: "We look forward to providing Baxalta with innovative immuno-oncology product candidates under this broad collaboration."
Immuno-oncology is focused on activating and directing a patient’s immune system against tumor growth and proliferation.
Recent research suggests that immunotherapies, both as single agents and as combination therapies, have the potential to enhance outcomes for several cancers.