Facet Biotech and Trubion have signed an agreement for the joint worldwide development and commercialisation of TRU-016. TRU-016, a product candidate in phase 1 clinical development for chronic lymphocytic leukemia (CLL).
TRU-016 is a CD37-directed Small Modular ImmunoPharmaceutical (SMIP) protein therapeutic. The collaboration agreement includes TRU-016 in all indications and all other CD37-directed protein therapeutics.
Under the terms of the agreement, Trubion will receive an upfront payment of $20m and may receive up to $176.5m in additional contingent payments upon the achievement of certain development, regulatory and sales milestones.
The companies will share equally the costs of all development, commercialisation and promotional activities and all global operating profits. In addition, Facet will purchase 2,243,649 shares of newly issued Trubion common stock for an aggregate purchase price of $10m.
Peter Thompson, chairman, president and CEO of Trubion, said: In considering alliance opportunities for TRU-016 we sought to retain meaningful economics in this exciting first-in-class product candidate, while enabling aggressive joint development with a partner who shared our vision and brought complementary experience and resources to the alliance.
We are delighted to have Facet as our partner. Coupled with our own strengths in the discovery and development of novel protein therapeutics, their expertise will afford us the opportunity to pursue the clinical development and commercialization of TRU-016 and other CD37-directed therapeutics in the most aggressive manner possible.