IGM Biosciences Announces Refocusing of Sanofi Collaboration
April 17 2024 - 8:30AM
IGM Biosciences, Inc. (Nasdaq: IGMS), a clinical-stage
biotechnology company creating and developing engineered IgM
antibodies, today announced that the Company’s exclusive worldwide
collaboration agreement with Sanofi to create and develop IgM
agonist antibodies will now focus exclusively on
immunology/inflammation targets. IGM will retain global rights to
its proprietary technology related to the oncology targets
nominated by Sanofi under the collaboration.
“We are very pleased with our collaboration with
Sanofi and with the preclinical data that we have generated in both
the immunology/inflammation and the oncology portions of the
collaboration,” said Fred Schwarzer, Chief Executive Officer of IGM
Biosciences. “As we assess next steps with respect to these
oncology targets, our top internal priorities remain our
clinical-stage oncology and autoimmune programs.”
Terms of the CollaborationAs
previously announced, under the terms of the collaboration
agreement, for each of the three Sanofi designated
immunology/inflammation targets, IGM will lead research and
development activities and assume related costs through the
completion of a Phase 1 clinical trial for up to two constructs
directed to each target, after which Sanofi will be responsible for
all future development and commercialization activities and
associated costs. IGM will be eligible to receive up to $1,065
million in aggregate development, regulatory and commercial
milestones per target as well as tiered high single-digit to
low-teen royalties on global net sales.
About IGM Biosciences, Inc.IGM
Biosciences is a clinical-stage biotechnology company
committed to developing and delivering a new class of medicines to
treat patients with cancer and autoimmune and inflammatory
diseases. IGM’s pipeline of clinical and preclinical assets is
based on the IgM antibody, which has 10 binding sites compared to
conventional IgM antibodies with only 2 binding sites. IGM also has
an exclusive worldwide collaboration agreement with Sanofi to
create and develop IgM agonist antibodies against immunology and
inflammation targets. For more information, please
visit www.igmbio.com.
Cautionary Note Regarding Forward-Looking
Statements This press release contains forward-looking
statements. Such forward-looking statements are not based on
historical fact and include, but are not limited to: the potential
of, and expectations regarding, IGM’s technology platform and its
IgM antibodies; expectations regarding the collaboration between
IGM and Sanofi, including all financial aspects of the
collaboration; the potential benefits and results of the
collaboration; plans and expectations regarding research,
development and commercialization efforts and activities; and
statements by IGM’s Chief Executive Officer. Such statements are
subject to numerous important factors, risks and uncertainties that
may cause actual events or results to differ materially, including
but not limited to: IGM’s early stages of clinical drug
development; risks related to the use of engineered IgM antibodies,
which is a novel and unproven therapeutic approach; IGM’s ability
to demonstrate the safety and efficacy of its product candidates;
IGM’s ability to successfully and timely advance its product
candidates through clinical trials; IGM’s ability to enroll
patients in its clinical trials; the potential for the results of
clinical trials to differ from preclinical, preliminary, initial or
expected results; the risk of significant adverse events,
toxicities or other undesirable side effects; the risk of the
occurrence of any event, change or other circumstance that could
give rise to the termination of the collaboration agreement with
Sanofi, either in whole or in part; IGM’s ability to successfully
manufacture and supply its product candidates for clinical trials;
the potential impact of continuing or worsening supply chain
constraints; the risk that all necessary regulatory approvals
cannot be obtained for IGM’s product candidates; the potential
market for IGM’s product candidates, and the progress and success
of alternative therapeutics currently available or in development;
IGM’s ability to obtain additional capital to finance its
operations; uncertainties related to the projections of the size of
patient populations suffering from the diseases IGM is targeting;
IGM’s ability to obtain, maintain and protect its intellectual
property rights; developments relating to IGM’s competitors and its
industry, including competing product candidates and therapies; any
potential delays or disruptions resulting from catastrophic events,
including epidemics or other outbreaks of infectious disease;
general economic and market conditions, including inflation; and
other risks and uncertainties, including those more fully described
in IGM’s filings with the Securities and Exchange
Commission (SEC), including IGM’s Annual Report on Form 10-K
filed with the SEC on March 7, 2024 and in
IGM’s future reports to be filed with the SEC. Any
forward-looking statements contained in this press release speak
only as of the date hereof, and IGM specifically disclaims any
obligation to update any forward-looking statement, except as
required by law.
Contact:Argot PartnersDavid
Pitts212-600-1902igmbio@argotpartners.com
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