Tue. 9 Nov 2021, 1:14pm ETBenzinga
In: Biotech, News, Health Care, Contracts, Movers, Trading Ideas, General
  • Novartis AG (NYSE:NVSterminated its ex-US rights to the program dubbed vibecotamab, a bispecific targeting CD123 and CD3 for acute myeloid leukemia. 
  • The move will take effect next February, Xencor Inc (NASDAQ:XNCR) said.
  • Xencor will drop the development of the drug altogether as well, saying it has no plans for in-house research.
  • Novartis will cover its share of the costs until August 2022.
  • Novartis and Xencor originally agreed to develop vibecotamab, previously known as XmAb14045, back in 2016 when the companies signed a deal giving Xencor $150 million upfront and promising another $2.4 billion in milestones. 
  • Xencor ended Q3 with cash, cash equivalents, receivables, and marketable debt securities totaling $537.9 million.
  • Price Action: XNCR shares are down 2.66% at $39.52 during the market session on the last check Tuesday.