In addition to the upfront payments, Patrys will also receive a number of milestone payments in the first 30 months of the agreement, and beyond, if development goals are met. Patrys is also entitled to royalties on sales, once resulting products reach the market.
As part of the agreement, CSL has the right to select up to two additional early stage antibodies from Patrys’ pipeline for research and development at CSL’s cost. The exercise of this right, which has a defined expiration period, would also trigger upfront payments, contingent development milestone payments and royalties.
Specific financial and other commercial terms of the agreement are confidential. The agreement does not cover Patrys’ advanced lead products – PAT-SM6, PAT-LM1, and PAT-SC1.
Dan Devine, CEO of Patrys, said: “This collaboration has many elements necessary for success. CSL is a global biotech company with the necessary experience to develop and commercialise antibodies.
“In addition, CSL has committed to invest the time and resources needed to properly explore, advance and develop these early stag product oportunities. This factor has the added benefit of allowing Patrys to focus its efforts and resources on the clinical development of our more mature product candidates. Finally, as CSL is local, our teams can work seamlessly together to ensure that the projects move forward as effectively as possible.”
Dr Andrew Nash from CSL, said: “Patrys has developed a novel approach to the identification of potential therapeutic antibodies and targets for the treatment of cancer. We look forward to with them to identify candidates suitable for further development.”