Corixa Corporation, a developer of immunotherapeutics, has signed a license agreement with Genentech in which Corixa will grant Genentech exclusive worldwide rights to a novel target for the possible development of humanized antibody-based therapeutics.
Under the terms of the agreement, Corixa will receive a $1.6 million up-front license fee, and may receive up to an additional $8.25 million in future success-based payments upon completion of certain regulatory and commercial milestones in addition to royalty payments on product sales. Genentech will be responsible for development and commercialization costs of any potential therapeutic based on Corixa's antibody target, a company release said.
"Our agreement with Genentech further demonstrates the strength of our broad portfolio of antibody targets," Steven Gillis, chairman and chief executive officer of Corixa said adding, "We are pleased that our discovery efforts have successfully yielded yet another unique target for potential further clinical development and we view Genentech as a strong development partner in this field."
Corixa is a biopharmaceutical company developing vaccine adjuvants and immunology-based products that manage human diseases.