Benzinga | Jul 6, 2021 02:30PM EDT

Sanofi Bets Over $1B For Eureka's Multiple Myeloma Candidate

* Sanofi SA (NASDAQ:SNY) has penned a licensing agreement with Eureka Therapeutics and Memorial Sloan Kettering Cancer Center for the non-CAR use of a new, human binding domain that targets G Protein-Coupled Receptor Family C Group 5 Member D (GPRC5D).

* Eureka discovered the binding domain using its proprietary antibody discovery platform and was developed under a collaboration with Memorial Sloan Kettering (MSK).

* Under the terms of the agreement, Sanofi has exclusive rights to the GPRC5D binder for non-CAR use.

* Eureka and MSK are eligible to receive an upfront payment and over $1 billion of potential milestone payments.

* Eureka and MSK are also eligible to receive tiered royalties on net sales.

* "Targeting GPRC5D has the potential to improve the durability of response from current therapies and to improve the long-term clinical benefits for patients," said Eureka CEO and President Cheng Liu.

* Price Action: SNY shares are down 1.8% at $51.43 during the market session on the last check Tuesday.