Benzinga | Aug 27, 2021 06:10AM EDT

Innovent Biologics, Bolt Join Forces To Develop Anti-Cancer Candidates

* Innovent Biologics Inc (OTC:IVBIY) and Bolt Biotherapeutics Inc (NASDAQ:BOLT) have entered into a drug research and development collaboration for oncology candidates.

* The agreement covers three anti-cancer therapeutic immune-stimulating antibody conjugate (ISAC) candidates.

* The Boltbody ISAC platform combines a tumor-targeting antibody, a stable non-cleavable linker, and a proprietary immune stimulant.

* Under the agreement, Innovent has the rights to all three programs in Greater China and retains an option to license global rights for one program and rights for all territories except North America for another program.

* Innovent is responsible for all research and development costs through clinical proof-of-concept (POC).

* Upon reviewing the initial clinical proof-of-concept data, the companies can exercise licensing options on a program-by-program basis.

* Bolt will receive an upfront payment of $5 million in cash at signing and a possible future equity investment of up to $10 million.

* Furthermore, both Innovent and Bolt are eligible to receive additional milestones payments and royalties.

* Price Action: BOLT shares closed 0.57% higher at $15.75 on Thursday.