Amgen returns rights for MP0310 to Molecular Partners

US traded shares of Swiss biotech Molecular Partners (SIX: MPLN) closed down 17.8% at $13.89 on Tuesday after it announced that USA-based Amgen (Nasdaq: AMGN), its collaboration partner for MP0310 (AMG 506), has decided to return global rights on MP0310 following a strategic pipeline review.

Molecular Partners is presently conducting a Phase I study of MP0310 and will look to present full phase 1 data at a scientific conference when available.

“We would like to thank Amgen for a very fruitful collaboration which has led us to the initial clinical findings that an immunostimulatory receptor, such as 4-1BB, can be activated in a localized fashion,” said Patrick Amstutz, Molecular Partners’ chief executive, adding: “This collaboration has enabled us to broaden our immuno-oncology expertise, DARPin platform knowledge, and clinical development capabilities which are now being applied across our portfolio. We continue to anticipate the full Phase I dataset later this year, following which we can begin to explore potential collaborations for the program with new partners.”