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Exelixis and Iconic Therapeutics Amend Option and License Agreement for XB002, an Antibody-Drug Conjugate Targeting Tissue Factor
— Exelixis gains full rights to anti-tissue factor antibody used in XB002 plus oncology-specific rights to additional antibodies discovered by Iconic —
About this update from Exelixis, Inc.
[{"type":"text","content":"\n— Exelixis gains full rights to anti-tissue factor antibody used in XB002 plus oncology-specific rights to additional antibodies discovered by Iconic —\n\n ALAMEDA, Calif. & SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--\nExelixis, Inc. (Nasdaq: EXEL) and Iconic Therapeutics, Inc. (Iconic) today announced that the companies have amended the terms of their May 2019 exclusive option and license agreement for XB002 (formerly ICON-2), a next-generation tissue factor (TF)-targeting antibody-drug conjugate (ADC). Under the amended agreement announced today, Exelixis has acquired broad rights to use the anti-TF antibody incorporated into XB002, for any application, including conjugated to other payloads, as well as rights within oncology to a number of other anti-TF antibodies developed by Iconic, including for use in ADCs and multi-specific biologics. In exchange, Exelixis will make a one-time payment of $55 million to Iconic and will not owe any further payments to the company. Exelixis will continue to be responsible for milestone payments and royalties owed to Adimab, LLC and royalties owed to Zymeworks Inc. pursuant to prior agreements between Iconic and those companies.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220106005219/en/\n“We are excited by the early data from the XB002 clinical program and its potential for patients. Tissue factor is a validated target for cancer therapy and may have utility in treating a broad number of cancer types,” said Michael Morrissey, Ph.D., President and Chief Executive Officer, Exelixis. “Amending our agreement with Iconic provides Exelixis with an opportunity to build the foundation of a promising franchise in this area and will facilitate the discovery and development of additional TF-targeted biologics potentially addressing a wide range of oncology indications that complement and expand on those targeted by XB002. This could include development of new antibody-drug conjugates with alternative toxin payloads, multi-specific antibodies, and other biologics. We look forward to sharing initial data from the ongoing XB002 phase 1 clinical trial this year.”\n\nIn December 2020 Exelixis exercised its option to in-license XB002 and is currently conducting a phase 1 trial in patients with advanced solid tumors. XB002 is the first o...