Jan. 5 Quick Takes: CytomX rebound continues with Moderna deal

In its second deal with a big biotech since disappointing Phase II data compelled it to restructure in July, CytomX Therapeutics Inc. (NASDAQ:CTMX) partnered Moderna Inc. (NASDAQ:MRNA) late Thursday to develop mRNA-based conditionally activated therapies using CytomX’s Probody technology and Moderna’s mRNA platform. CytomX will receive $35 million up front and is eligible for $1.2 billion in milestones, plus royalties. CytomX, whose Probody technology enables proteins to be activated locally in diseased tissue while remaining masked in systemic circulation, announced a deal with Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) in November to develop bispecific T cell engagers that are conditionally activated in the tumor microenvironment. That deal lifted CytomX shares more than 30%; the stock rose 55% to $2.78 in after-hours trading Thursday.

In the latest sign Western companies are increasingly looking to China for true innovation, GSK plc (LSE:GSK; NYSE:GSK) gained an exclusive global license from WuXi Biologics Inc. (HKEX:2269) to a preclinical bispecific T cell engaging antibody and an option to three additional bi-/multi-specific TCE antibodies developed using WuXi Biologics' technology. WuXi Biologics will receive $40 million up front and is eligible for $1.5 billion in milestones across the four antibodies, plus royalties. In a LinkedIn post, Garrett Rhyasen, VP of search & evaluation and transactions, said the deal strengthens the pharma’s cancer portfolio with “potential best-in-class” tech addressing a range of tumor types.  ...