BioNTech, Medigene Ink Immunotherapy Pact Against Cancer - BioNTech (NASDAQ:BNTX)

BioNTech SE (NASDAQ:BNTX) and Medigene AG have entered a multi-target research collaboration to develop T cell receptor (TCR) based immunotherapies against cancer.

The initial term of the collaboration is three years.
Medigene will contribute its proprietary TCR discovery platform to develop TCRs against multiple solid tumor targets nominated by BioNTech.
Medigene's automated, high throughput TCR discovery platform is designed to bypass central tolerance to yield high-affinity TCRs.
Also See: Pfizer/BioNTech's Omicron-Targeted COVID-19 To Miss March Timeline: Reuters.
BioNTech will acquire Medigene's next-generation preclinical TCR program, obtain the exclusive option to acquire additional existing TCRs in Medigene's discovery pipeline, and receive licenses to the company's PD1-41BB switch receptor and precision pairing library.
Medigene will receive €26 million upfront and research funding for the period of the collaboration.
BioNTech will be responsible for global development and hold exclusive worldwide commercialization rights on all TCR therapies resulting from the research collaboration.
Medigene will be eligible to receive milestone payments up to a triple-digit million EUR amount per program in addition to tiered deferred option payments on global net sales for products.
Price Action: BNTX shares are down 3.54% at $151.38 during the premarket session on the last check Tuesday.

BNTXBioNTech SE

$91.35-%

Overview

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.