Takeda and Crescendo Biologics enter into cancer drug development partnership

Takeda and Crescendo Biologics enter into cancer drug development partnership

Takeda Pharmaceutical Company Limited and Crescendo Biologics Limited said early Monday they entered into a cancer drug development partnership worth up to $36 million and as much as $754 million in additional milestone payments. The collaboration’s focus is on using Crescendo’s Humabody-based drugs for cancers with a high unmet medical need, the companies said.

Crescendo is eligible for up to $36 million under the deal, which includes an upfront payment, investment, research funding and preclinical milestones, and further milestone payments of $754 million.

The agreement grants Takeda development and commercial rights to the collaboration’s Humabody-based treatments, for which Crescendo is eligible for royalties on product sales. Crescendo Chief Executive Officer Dr. Peter Pack called the partnership, its first major one, a “validation of our transgenic platform.”

Takeda shares rose 14.4% over the last three months, compared with a 1.1% rise in the S&P 500 SPX, -0.56%

By Emma Court  Reporter

Published: Oct 10, 2016

Source: http://www.marketwatch.com/

October 10, 2016 / Pharma News