Genentech obtains rights to commercialize in North America, while BioInvent retains rest of world rights.
BioInvent and Genentech will co-develop and commercialize BioInvent’s antibody candidate, BI-204, for the potential treatment of multiple cardiovascular conditions.
Genentech will make an upfront payment of $15 million. BioInvent could receive further milestone payments of up to $175 million as well as royalties on sales in North America.
Under the terms of the agreement, Genentech and BioInvent will be jointly responsible for clinical development. Genentech will be responsible for and will solely control any commercialization of the drug in North America. BioInvent will be responsible for and will solely control commercialization in the rest of the world.
“Retaining the rights to the product outside of North America gives us an opportunity to increase our participation and involvement in the product’s success,” says BioInvent’s CEO Svein Mathisen.