Benzinga | May 25, 2021 11:15AM EDT

Bristol Myers Licenses Xencor's Technology Platform to Extend Half-Life of COVID-19 Antibodies

* Xencor Inc (NASDAQ: XNCR has entered into a technology license agreement with Bristol-Myers Squibb Co (NYSE: BMY), under which BMY will have non-exclusive access to Xencor's Xtend Fc technology to extend the half-life of a novel antibody combination therapy for COVID-19.

* Under the terms of the agreement, Bristol Myers Squibb will have sole responsibility for supporting and advancing the research, development, regulatory and commercial activities for SARS-CoV-2 mAb Duo.

* Xencor is eligible to receive royalties from net sales of products, including these antibodies.

* "Xencor's Xtend Fc domains have been incorporated into more than a dozen clinical-stage programs or commercialized medicines, including two programs under investigation for the treatment of COVID-19 and five for other infectious diseases," said Bassil Dahiyat, President & CEO of Xencor.

* Price Action: XNCR shares are down 0.31% at $39.11 during the market session on the last check Tuesday.