Peregrine takes flight with Affitech licence
US-based Peregrine Pharmaceuticals has licensed its anti-VEGF (Vascular Endothelial Growth Factor) antibodies to Affitech of Denmark. Affitech gains exclusive worldwide rights to develop and commercialise products under Peregrine's selective anti-VEGF intellectual property portfolio, including the fully human antibody r84, which was discovered by Affitech and jointly developed by the companies under an ongoing collaboration.
US-based Peregrine Pharmaceuticals has licensed its anti-VEGF (Vascular Endothelial Growth Factor) antibodies to Affitech of Denmark. Affitech gains exclusive worldwide rights to develop and commercialise products under Peregrine's selective anti-VEGF intellectual property portfolio, including the fully human antibody r84, which was discovered by Affitech and jointly developed by the companies under an ongoing collaboration.
Affitech, an antibody research and development company formed after the reverse merger of Affitech in Norway with Pharmexa, a Danish biotech company, takes responsibility for future preclinical and clinical development and potential product commercialisation.
Peregrine will receive an upfront payment, research fees and future milestone payments potentially totalling millions of dollars. Peregrine will also receive royalties on any future sales and a share of sub-licensing revenues. Additional financial terms were not disclosed.
Steven King, president and ceo of Peregrine, said: "The selective anti-VEGF antibodies we have been jointly developing with Affitech hold significant clinical promise and we are pleased that Affitech will now have the opportunity to develop and commercialise them on behalf of both companies."
Dr Achim Kaufhold, chief executive of Affitech, added: "Using advanced phage display technologies, Affitech successfully identified fully human, potent and selective anti-VEGF antibodies as part of a previous research and development collaboration with Peregrine. As a result of the recently completed reverse acquisition of Pharmexa, Affitech has now added product development expertise to its drug discovery capabilities. We are therefore delighted now to have acquired the exclusive worldwide development and commercialisation rights for this exciting programme."
Anti-VEGF therapy has become a standard part of treatments for many different types of solid tumours. According to market projections, sales of anti-VEGF antibodies will exceed US$10bn by 2015.