Dren Bio and Novartis Forge Collaboration to Develop Innovative Targeted Myeloid Engagers for Cancer Treatment
Thursday, July 25, 2024
Dren Bio, Inc., a private clinical-stage biopharmaceutical company, has announced a strategic collaboration with Novartis Pharma AG, a subsidiary of Novartis AG (NYSE: NVS). This partnership aims to advance the discovery and development of bispecific antibodies for cancer, utilizing Dren Bio’s innovative Targeted Myeloid Engager and Phagocytosis Platform.
Shiva Malek, Ph.D., Global Head of Oncology for Biomedical Research at Novartis, stated, “We’re thrilled to collaborate with Dren Bio to explore new bispecific antibody therapies for cancer. This collaboration aligns with our deep expertise in immuno-oncology and complements our broader efforts in various therapeutic modalities, including targeted therapies, biologics, radioligand therapies, and CAR-Ts.”
Nenad Tomasevic, Ph.D., CEO of Dren Bio, commented, “Partnering with Novartis, a global leader in oncology, is an exciting development. This collaboration merges Novartis’ extensive oncology drug development experience with our unique platform, potentially leading to significant advancements in patient therapies.”
Amit Mehta, Ph.D., COO and CBO of Dren Bio, added, “Our Targeted Myeloid Engager and Phagocytosis Platform is designed to target disease-causing agents and has resulted in a diverse pipeline. Novartis’ proven success in developing innovative medicines will enhance the impact of our platform.”
Under the terms of the agreement, Dren Bio will receive $150 million upfront from Novartis, including a $25 million equity investment. Additionally, Dren Bio stands to earn up to $2.85 billion in milestone payments based on the achievement of preclinical, clinical, regulatory, and commercial milestones, as well as tiered royalties on future sales of resulting products. Novartis will handle all subsequent development, manufacturing, regulatory, and commercialization activities once clinical candidates are selected.
The agreement is contingent upon customary closing conditions, including regulatory approval.
Source: businesswire.com
