An earlier version of this article said DualityBio would be entitled to milestone payments of up to $1.5 billion. The sum is more than $1.5 billion. The article has been corrected.BioNTech SE BNTX said Monday it has entered a partnership with Shanghai-based Duality Biologics to acclereate the development of antibody-drug conjugates to treat patients with cancer and autoimmune diseases. The agreement covers two ADC assets and involves exclusive license to develop, manufacture and commercialize them globally, excluding Mainland China, Hong Kong and Macau. “With this collaboration, ADCs will become an additional drug class in BioNTech’s oncology portfolio with the aim to further support BioNTech’s mission of developing highly efficacious therapies for cancer patients at every stage of disease,” the companies said in a joint statement. ADCs are a class of cancer therapies that combine antibodies with potent cell-killing properties of chemotherapy or other anti-cancer agents. DualityBio will recieve upfront payments of $170 million and will be eligible for more than $1.5 billion more on reaching certain regulatory and commercial milestones, along with royalties on future sales. BioNTech stock was slightly lower premarket and has fallen 30% in the last 12 months, while the S&P 500 SPX has fallen 10%.
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