BRIEF—BioInvent gets milestone payment on TAK-169 IND filing

Sweden’s BioInvent International today said it will receive a $0.5 million milestone payment related to the acceptance by the US Food and Drug Administration of the Investigational New Drug (IND) application for TAK-169, a first-in-class CD38-targeted fusion protein.

BioInvent’s shares rose 2.17% to 1.45 Swedish kronor on the news.

The IND was filed by Japan’s Takeda Pharmaceutical under a co-development agreement with Molecular Templates. This milestone relates to BioInvent's proprietary n-CoDeR antibody library and its role in the discovery of the investigational compound.

Martin Welschof, chief executive of BioInvent, said: "This is validating that our n-CoDeR platform not only yields highly promising drug candidates for BioInvent's proprietary programs, but is also helping our partners in building their own pipelines."