BioNTech inks ADCs deal with MediLink Therapeutics

China-headquartered independent biotech MediLink Therapeutics has entered into a strategic research collaboration and worldwide license agreement with Germany’s BioNTech (Nasdaq: BNTX) on the development of a next-generation antibody-drug conjugate (ADC) candidate against human epidermal growth factor receptor 3 (HER3).

MediLink, which was founded in 2020, will grant BioNTech exclusive global rights for the development, manufacturing, and commercialization of one of MediLink's ADC assets excluding Mainland China, Hong Kong Special Administrative Region, and Macau Special Administrative Region, where it is retaining the rights to its candidate, YL202, which is being studied in advanced or metastatic epidermal growth factor receptor (EGFR)-mutated Non-small cell lung cancer (NSCLC) or hormone receptor (HR)-positive and HER2-negative breast cancer (BC).

BioNTech, which is sitting on a $15 billion cash pile generated from its success in the development of COVID-19 best-selling vaccine Comirnaty, will provide MediLink with an upfront totaling $70 million and additional development, regulatory and commercial milestone payments potentially totaling over $1 billion. The completion of the agreement is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act.