On April 26, 2024 Alligator Bioscience (Nasdaq Stockholm: ATORX) reported that Orion Corporation, a global pharmaceutical company based in Finland, has selected the lead bispecific antibodies from the companies’ second development program, and is exercising its option to develop these molecules under the existing 2021 research collaboration and license agreement (Press release, Alligator Bioscience, APR 26, 2024, View Source [SID1234642388]). The exercise of this development option triggers an undisclosed milestone payment to Alligator.
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"Our research collaboration with Alligator has allowed us to identify again new lead molecules with potential to be selected for clinical development. It is fantastic to see how productive this collaboration is," said Outi Vaarala, Senior Vice President, Innovative Medicines Business and R&D, Orion Corporation
"The collaboration with Orion that was initiated less than 3 years ago continues to be very productive with Alligator delivering two clinical candidates to date. With this option exercise, we believe Orion has selected considerably differentiated bispecific antibodies that could lead to highly innovative treatments." said Søren Bregenholt, CEO of Alligator Bioscience. "We look forward to continuing to work alongside Orion, helping them move these drug candidates to the clinic as quickly as possible."
Under the initial agreement signed in August 2021, Alligator employed its proprietary phage display libraries and RUBY bispecific antibody format to develop immuno-oncology product candidates based on design criteria identified by Orion. In January 2023, the agreement was expanded to include the development of a second bispecific antibody. Alligator is eligible for development, approval and sales milestone payments in addition to royalties if Orion continues developing and commercializing the resulting product candidates.