BRIEF—Exelixis and NBE-Therapeutics to work together

California’s Exelixis has partnered with Swiss firm NBE-Therapeutics to discover and develop multiple antibody-drug conjugates (ADCs) in oncology.

Exelixis, the firm behind Cabometyx (cabozantinib), is seeking to leverage NBE’s expertise and proprietary platforms in ADC discovery, including site-specific conjugation and novel payloads.

Exelixis will make an upfront payment of $25 million to NBE in exchange for an exclusive option to nominate a defined number of target programs on NBE’s ADC platform over a two-year period.

Exelixis will be able to exercise its option to an exclusive worldwide license, and afterwards continue clinical development and commercialization activities for that target program.

Upon exercise of any option, NBE will be eligible for development and commercialization milestones, as well as royalties on net sales of any potential products resulting from that target program.