BRIEF—J&J exercises option on Teneobio candidate

Janssen Biotech, part of Johnson & Johnson, has exercised an option with California’s Teneobio to license and advance an undisclosed multispecific candidate in oncology.

Under the terms of the collaboration agreement, which was agreed in the latter part of 2018, Janssen will receive exclusive global rights for development and commercialization.

Teneobio will receive an undisclosed milestone payment and is eligible for additional development and commercial milestones as well as royalties.

Chief business officer Omid Vafa said: “The rapid advance of our program from discovery to preclinical proof-of-concept in less than a year and a half is a testament to Teneobio’s technology platforms and speed to enable drug discovery and to deliver.”