Ideaya Biosciences, Inc. (NASDAQ: IDYA) has recently announced a significant option and license agreement with Biocytogen Pharmaceuticals (Beijing) Co., Ltd. for a potential first-in-class b7h3/ptk7 topo-i-payload bispecific antibody drug conjugate (bsADC) program. The agreement grants Ideaya an option for an exclusive worldwide license for this program.
The b7h3/ptk7 co-expression has been found in multiple solid tumor types, with a double-digit percent prevalence in lung, colorectal, and head and neck cancers. Based on preclinical data, this potential first-in-class program has the potential to be developed as a monotherapy agent and used in combination with multiple programs in Ideaya's pipeline targeting DNA damage repair-based therapies.
Under the terms of the agreement, Biocytogen will receive an upfront fee and, upon an option exercise by Ideaya, be entitled to receive an option exercise fee, development and regulatory milestones, and commercial milestone payments, as well as single-digit royalties on net sales. The total potential upfront, option exercise, and milestone payments equal an aggregate of $406.5 million, including development and regulatory milestones of $100.0 million.
This collaboration aligns with Ideaya's broader corporate strategy to enable wholly-owned first-in-class rational combinations at the intersection of ADCs and small molecule DDR-based therapies to deliver greater benefit for patients.
Moving forward, Ideaya is targeting the development candidate nomination for the b7h3/ptk7 topo-i-payload bsADC program in the second half of 2024.
This significant collaboration marks a strategic move for Ideaya Biosciences, positioning the company to advance its precision medicine oncology capabilities and expand its portfolio of targeted therapeutics for patient populations selected using molecular diagnostics. The market has reacted to these announcements by moving the company's shares 0.0% to a price of $42.25. For more information, read the company's full 8-K submission here.
