Covagen and Mitsubishi Tanabe expand research on bispecific FynomAbs

Privately-held Swiss firm Covagen and Tanabe Research Laboratories USA (TRL), a fully owned subsidiary of Japanese drug major Mitsubishi Tanabe Pharma (TYO: 4508), have expanded their strategic research collaboration, originally signed last year (The Pharma Letter October 17, 2012).

Mitsubishi Tanabe and TRL have nominated a first bispecific FynomAb for formal preclinical development which triggered an undisclosed milestone payment. They also exercised an option for a second bispecific FynomAb program based on the parties' 2012 research and licensing agreement. Under the terms of that, Covagen will use its proprietary Fynomer-antibody platform to generate bispecific antibodies (FynomAbs) against a second target pair selected by TRL and Mitsubishi Tanabe.

"We believe Covagen's FynomAb platform is a source of innovative bispecific antibodies with excellent biophysical properties that will allow more effective treatment of inflammatory and oncologic diseases," said Roland Newman, chief scientific officer of TRL, adding: "We look forward to continuing our cooperative work with the Covagen team as we advance the first FynomAb into preclinical development and look towards discovery of the second FynomAb as part of this expanded collaboration."