Immunome, Inc. (NASDAQ: IMNM) saw its stock move 2.6% following the announcement of an exclusive worldwide license agreement with Zentalis Pharmaceuticals, Inc. (NASDAQ: ZNTL).
According to the press release, Immunome has exclusively licensed Zentalis' preclinical ROR1 antibody-drug conjugate (ADC), ZPC-21, and the proprietary ADC platform technology. As part of the agreement, Immunome made an upfront payment of $35 million in cash and common stock to Zentalis and is set to provide up to $275 million in milestone payments, along with mid-to-high single-digit royalties.
Dr. Clay B. Siegall, Chairman and CEO of Immunome, expressed optimism about the agreement, stating, "This agreement strengthens Immunome’s pipeline while expanding our ADC toolbox. ZPC-21’s preclinical activity across multiple models suggest best-in-class potential against ROR1, a clinically validated target that is relevant to both solid tumors and hematological malignancies. We intend to efficiently advance ZPC-21 through IND and into clinical development."
He also elaborated on the potential of Zentalis' platform technology, saying, "The next generation of transformative ADCs will be built through combining rigorously selected targets with innovative linker-payload platforms. We believe that the linker-payload technology that underlies ZPC-21 may compare favorably to the platforms of successful ADC franchises—a testament to Zentalis’ deep understanding of medicinal chemistry and cancer biology."
Cam Gallagher, President of Zentalis, highlighted the strategic value of the partnership, stating, "Immunome’s leadership team’s track record of advancing paradigm-changing ADCs, along with Zentalis’ commitment to apply cutting-edge medicinal chemistry to anti-cancer agents, makes Immunome the ideal partner to advance our ADC platform."
The full 8-K submission detailing the agreement can be accessed here.