Ligand Pharmaceuticals Partner Janssen Biotech Gets FDA Approval for Tecvayli
October 26 2022 - 8:52AM
Dow Jones News
By Chris Wack
Ligand Pharmaceuticals Inc. said Wednesday that Janssen Biotech
Inc. has received approval from the U.S. Food and Drug
Administration for Tecvayli teclistamab for the treatment of
patients with relapsed or refractory multiple myeloma.
Teclistamab is a T-cell redirecting, bispecific antibody
targeting both B-cell maturation antigen and CD3 discovered and
developed by Janssen scientists using OmniAb's OmniRat antibody
discovery technology.
Under the terms of the licensing agreement with an affiliate of
Janssen, OmniAb is eligible to receive a $25 million milestone
payment upon the first commercial sale of teclistamab in the
U.S.
Ligand said its spinoff of OmniAb remains on track, with an
expected closing of Nov. 1, , subject to the satisfaction or waiver
of closing conditions for the business combination of Avista Public
Acquisition Corp. II and OmniAb.
Under the terms of the separation and distribution agreement
between Ligand and OmniAb, the milestone payments related to the
first commercial sale of Tecvayli will remain with OmniAb
regardless of timing and achievement of the milestone and the
timing of the closing of the business combination.
The license agreement with an affiliate of Janssen doesn't
include royalty payments, and OmniAb won't receive royalties on
sales of Tecvayli.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 26, 2022 08:37 ET (12:37 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Johnson and Johnson (NYSE:JNJ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Johnson and Johnson (NYSE:JNJ)
Historical Stock Chart
From Jul 2023 to Jul 2024
