Company will also receive royalties on any antibody product discovered with VelocImmune.
Astellas Pharma will utilize Regeneron Pharmaceuticals’ technology in its research to discover human mAb product candidates.
Under the terms of the nonexclusive license deal for VelocImmune, Astellas will pay $20 million upfront and will make up to five additional annual payments of $20 million per year. It retains the ability to terminate the agreement after making the first three payments. Upon commercialization of any antibody products discovered utilizing VelocImmune, Astellas will pay a mid-to-single digit royalty on sales.
Regeneron says its VelocImmune technology offers the potential to increase the speed and efficiency of discovering fully human therapeutic mAbs. The VelocImmune platform generates mAbs to address clinically relevant targets of therapeutic interest.