Syncona notes that its portfolio company, Autolus Therapeutics has announced a strategic collaboration with BioNTech SE.
In connection with the strategic collaboration, the companies entered into a license and option agreement and a securities purchase agreement.
BioNTech has agreed to purchase $200m of Autolus' American Depositary Shares in a private placement. BioNTech will have a right to appoint a director to the Board of Autolus.
Under the terms of the license and option agreement, BioNTech will make a cash payment of $50m and is granted the following rights in exchange:
- BioNTech is eligible to receive an up to mid-single digit royalty on obe-cel net sales. Autolus will retain full rights to and control of the development and commercialisation of obe-cel.
- BioNTech has the option to access Autolus' commercial and clinical site network, manufacturing capacities in the UK and commercial supply infrastructure in a cost-efficient set-up to accelerate the development of BNT211 in additional CLDN6+ tumour types. BioNTech plans to have 10 or more ongoing potentially registrational clinical trials in the pipeline by the end of 2024, including its fully owned CLDN6 CAR-T programme BNT211 in relapsed or refractory germ cell tumours.
- Autolus will lead the development and commercialisation for AUTO1/22 and AUTO6NG in any oncology indication with BioNTech having an option to support certain development activities and co-commercialise both candidates in certain territories. If BioNTech exercises an option, it will receive a profit share with respect to such exercised product candidate worldwide while Autolus will be eligible to receive an option exercise fee, milestone payments and cofunding of development expenses.
- Autolus granted BioNTech an exclusive license to develop and commercialise therapeutics incorporating certain of Autolus' proprietary binders along with options to license binders and cell programming technology for use in BioNTech's in vivo cell therapy development programs and investigational antibody-drug conjugates. If BioNTech exercises an option, Autolus will be eligible to receive exercise fees and milestones payments, with low-single digit royalties on net sales of the licensed products.
