On February 29, 2016 BioInvent International (BINV) reported that it will receive a €2 million milestone payment under the collaboration with Daiichi Sankyo pertaining to the progression of an anti-FGFR4 antibody into a Phase I clinical trial in the EU (Press release, BioInvent, FEB 29, 2016, http://www.bioinvent.com/media-centre/press-releases/release/?ReleaseID=0343D46385679286 [SID:1234509259]). Schedule your 30 min Free 1stOncology Demo! The anti-FGFR4 antibody, known as U3-1784, was discovered by Daiichi Sankyo utilizing BioInvent’s n-CoDeR phage display library. Its target indication is for solid cancer tumors.
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Under the terms of BioInvent’s licensing agreement with Daiichi Sankyo, payments are due to BioInvent when certain clinical milestones are achieved and royalty payments are due when a product is sold on the market. Beginning a Phase I clinical trial is a milestone that triggers a payment to BioInvent.
"We are very pleased that our partner Daiichi Sankyo has progressed U3-1784 into a Phase I clinical trial", said Michael Oredsson, CEO of BioInvent. "It is yet another example of an n-CoDeR library derived antibody that is being successfully developed through to the clinic by a leading global pharmaceutical company. We wish Daiichi Sankyo continued success with this antibody in their clinical program."