Benzinga | Jan 6, 2022 08:25AM EST

Exelixis And Iconic Therapeutics Amend Option And License Agreement For XB002; Exelixis Gains Full Rights To Use Anti-TF Antibody Incorporated Into XB002 For Any Application, Will Make One-Time Payment Of $55M

Exelixis, Inc. (NASDAQ:EXEL) and Iconic Therapeutics, Inc. (Iconic) today announced that the companies have amended the terms of their May 2019 exclusive option and license agreement for XB002 (formerly ICON-2), a next-generation tissue factor (TF)-targeting antibody-drug conjugate (ADC). Under the amended agreement announced today, Exelixis has acquired broad rights to use the anti-TF antibody incorporated into XB002, for any application, including conjugated to other payloads, as well as rights within oncology to a number of other anti-TF antibodies developed by Iconic, including for use in ADCs and multi-specific biologics. In exchange, Exelixis will make a one-time payment of $55 million to Iconic and will not owe any further payments to the company. Exelixis will continue to be responsible for milestone payments and royalties owed to Adimab, LLC and royalties owed to Zymeworks Inc. pursuant to prior agreements between Iconic and those companies.