Sorrento will receive an upfront payment of €25 million and may receive up to €710m based on commercial sales milestones
Sorrento Therapeutics, a San Diego, CA-based biopharmaceutical company developing new treatments for cancer and other unmet medical needs, has signed a licensing agreement with French pharmaceutical firmand Servier to develop products using Sorrento's fully human immuno-oncology anti-PD-1 monoclonal antibody (mAb) STI-A1110.
Sorrento's proprietary G-MAB library platform was used to identify and generate STI-A1110, which targets PD-1, one of the key targets in the rapidly developing immuno-oncology therapy market.
The agreement provides Neuilly-sur-Seine-based Servier with an exclusive worldwide licence to Sorrento's STI-A1110 mAb asset, covering all indications including haematological and solid tumour cancers. Servier also obtains full rights to develop, register and commercialise the products and will bear all costs for these activities.
Sorrento will receive an upfront payment of €25 million and may also receive development milestone payments for the initial product and each additional product.
The firm may also receive up to €710m in payments based on commercial sales milestones. In addition, Sorrento will be entitled to receive royalties on the sales of commercialised products ranging from high single-digit to double-digit percentages.
'This agreement represents validation for Sorrento's antibody technologies and R&D capabilities,' said Dr Henry Ji, President and CEO of Sorrento. 'We look forward to working closely with the Servier team and growing this global partnership.'