Mersana plans to initiate a Phase 1 clinical trial for XMT-1107 in the second quarter of 2010. XMT-1107 is expected to be the company’s second oncology product to enter the clinic. Mersana’s XMT-1001, a conjugate of Fleximer and camptothecin (CPT), is currently completing a Phase 1 study.
As per the terms of the agreement, Teva is expected receive an exclusive license to XMT-1107 for all indications worldwide, excluding Japan, for which Mersana will retain rights. Mersana will be eligible to receive up to $334m if all development, regulatory and commercial milestones are met across several indications.
In addition, Mersana will be eligible to receive royalties on net sales worldwide. Teva will cover all development costs for XMT-1107, excluding those specific to Japan.
Julie Olson, president and CEO of Mersana, said: “We are very pleased to enter into this partnership with Teva as it not only provides the necessary resources for XMT-1107 to achieve broad therapeutic potential but also validates our Fleximer platform as a means to generate novel products.
“We have now produced two clinical-stage oncology products and look forward to progressing our lead program, XMT-1001, beyond Phase 1 studies and to further expanding our Fleximer-based siRNA delivery program.”
Aharon Schwartz, vice president of Teva Innovative Ventures, said: “Our agreement with Mersana is yet another example of Teva’s commitment to early-stage partnering as a means to enhance our innovative pipeline. We have been impressed by Mersana’s success with the Fleximer technology and the potential of XMT-1107. With a focus on oncology, auto-immune and neurology, Teva, through its Innovative Ventures group, seeks partnerships with companies and academia to develop new specialty medicines.”