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The European Biotechnology Network is dedicated to facilitating co-operation between professionals in biotechnology and the life sciences all over Europe.
The non-profit organisation brings research groups, universities, SMEs, large companies and indeed all actors in biotechnology together to build and deliver partnerships.
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High stakes in immunotherapy deal05.03.2015 Bavarian Nordic is outlicensing its Phase 3 prostate cancer immunotherapy Prostvac to pharma heavyweight Bristol Myers Squibb for a tidy €881m.The Latest Catch is brought to you by European Biotechnology News
Phase 3 trial seals the deal: Bristol Myers Squibb has handed over US$60m (€54m) upfront to Danish biotech Bavarian Nordic for the exclusive option to licence and commercialise Prostvac. Depending on the results from the ongoing 1,298 patient study, BMS will decide whether to pick up the the prostate-specific antigen-targeting cancer immunotherapy. If so, Bavarian Nordic would be entitled to a payment of US$80m plus additional incremental payments starting at US$50m, but with a potential to exceed US$230m should the median overall survival benefit of Prostvac exceed the efficacy seen in Phase 2 results. Furthermore, Bavarian Nordic could be eligible for regulatory milestone payments of US$110m, up to US$495m in sales milestones as well as tiered double-digit royalties on future sales. Last but not least, Bavarian Nordic will undertake the future commercial manufacturing of the cancer vaccine.
Prostvac is a ready to use immuno-oncology agent that stimulates an immune response that attacks prostate cancer cells. It has been developed to treat asymptomatic or minimally symptomatic metastatic castration-resistant prostate cancer. To find out if the drug may have additional benefits when combined with BMS’ own prostate cancer drug Yervoy, an investigator sponsored Phase 2 study is scheduled to take place.
“We are proud to partner with Bristol-Myers Squibb whose excellence and leadership in immuno-oncology provides a strong foundation for advancing PROSTVAC, which has the potential to become an essential component in the treatment of prostate cancer,” said Bavarian Nordic CEO Paul Chaplin. “Leveraging the capabilities of Bristol-Myers Squibb’s science, we look forward to exploring the full potential of PROSTVAC in the future treatment paradigm of prostate cancer.”
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