TOKYO (dpa-AFX) - Astellas Pharma Inc. (4503.T), a life science company, and Audax Biosciences Pty Ltd., an Australian biotechnology company, announced an exclusive option and license agreement for DAX-044, Audax's lead immuno-oncology AVIKINE candidate, in a deal that could be worth up to $1.34 billion.
DAX-044 is an investigational, immune-targeted interleukin-12 (IL-12) antibody-cytokine fusion, designed with AVIKINE technology. According to Audax, DAX-044 has demonstrated a favourable therapeutic index in preclinical studies of IL-12-based therapies and is currently undergoing IND/CTN-enabling development.
The collaboration combines Audax's science with Astellas' global development and commercialisation capabilities to accelerate the advancement of DAX-044 as a potential therapy for solid tumours, including cancers that continue to present challenges for immune-based treatment approaches.
Under the terms of the agreement, Audax will receive upfront and potential future option exercise payments totalling $285 million and will continue developing DAX-044 into a Phase 1 study expected to commence in 2027.
In addition, Audax is eligible to receive up to $1.05 billion in development and commercial milestone payments, as well as tiered double-digit royalties on any future worldwide net sales of DAX-044, if approved.
Under the agreement, Astellas has received an exclusive option that, upon exercise, would provide the company with a worldwide license to develop, manufacture, and commercialize DAX-044.
If Astellas exercises its option, it will take over worldwide development, manufacturing, and commercialisation of DAX-044. Audax will retain the right to co-fund and co-promote the candidate in Australia and New Zealand.
'This partnership will expedite the planned Phase 1 clinical evaluation of DAX-044 for the benefit of patients with various types of solid tumours,' said Jai Rautela, Chief Executive Officer, Audax Biosciences.
4503.T has traded between 1,557.50 Japanese Yen and 2,717.0 Japanese Yen over the last year. The stock closed Tuesday's trade at 2518 Japanese Yen.
As of writing, 4503.T was down 0.68% at 2501 Japanese Yen.
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