Benzinga | Aug 16, 2021 03:47PM EDT

Exelixis, Invenra Expand Oncology Pact

* Exelixis Inc (NASDAQ:EXEL) and Invenra have expanded their discovery and licensing collaboration to include 20 additional oncology targets.

* The augmented partnership builds on the ongoing collaboration and license agreement to discover and develop mono-specific and multi-specific antibodies. The agreement was initially announced in May 2018 and expanded in October 2019.

* Under the terms of this newly expanded collaboration, Exelixis has agreed to pay Invenra an upfront fee of $15.0 million and additional fees and funding for the option to nominate up to 20 additional targets in oncology.

* Invenra will be eligible for milestone payments and tiered net sales royalties. Exelixis will own all antibody sequences discovered from the collaboration for all therapeutic uses in oncology and other disease areas.

* The expanded collaboration also provides Exelixis with an option to obtain development and commercialization rights to certain of Invenra's future internal pipeline programs.

* Price Action: EXEL shares are up 1.07% at $18.48 during the market session on the last check Monday.