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