The companies will target several G protein-coupled receptors (GPCR) with an initial focus on immuno-oncology.
The deal will see Heptares apply its StaR platform for the creation of stable antigens depending on several GPCR targets selected by the companies.
Kymab will use its Kymouse human antibody discovery platform to generate antibodies in response to immunisation with the antigens.
The companies will jointly carry out and share the antibody discovery and development program costs.
Heptares chairman and CEO Malcolm Weir said: "GPCRs have long been intractable targets for antibody discovery resulting in dearth of products.
"We believe that our proven StaR technology can unlock this substantial opportunity, not just in immuno-oncology but also across other therapeutic areas where GPCR-targeted biologics could have a significant impact."
GPCRs are expressed on cells of the innate and adaptive immune system and act at critical checkpoints that can be targeted by novel immunotherapy antibodies.
They play important roles in modulating cell migration and recruitment to the tumour environment, activation, survival, proliferation and differentiation.
Earlier this month, Heptares Therapeutics and Allergan have formed a global R&D and commercialization partnership to develop novel treatments for Alzheimer’s and other neurological disorders.
The deal covers selective small molecule agonists targeting muscarinic M1 and M4 receptors in the brain, discovered using Heptares’ StaR technology platform.