Eli Lilly pays $30m signing fee to tap into Johannes Gutenberg University Mainz immunotherapy spin-out BioNTech.
Pharmaceutical giant Eli Lilly is paying $30m to edge into immunotherapy development through Germany-based life sciences firm BioNTech.
The Johannes Gutenberg University Mainz spin-out, established in 2008, is commercialising cancer treatment similar to the work conducted by peers Juno Therapeutics, Adaptimmune, and Kite Pharma which genetically alters the body’s T-cells so that they can identify and attack cancerous tumours.
The $30m signing fee will be joined by another $30m in a later equity investment in a BioNTech subsidiary. In addition, the deal could see the spin-out receive at least $300m in development and commercial milestone payments, with further royalty payments on any sales of BioNTech’s products.
Greg Plowman, vice president of Lilly Oncology Research, said: “In the past few years, we’ve seen some amazing breakthroughs in immuno-oncology; however, we believe these are just the tip of the iceberg. Lilly’s partnership with BioNTech represents the next wave of cancer immunotherapy and is focused on the identification of functional T cell receptors that can be used to redirect a patient’s natural immune system to fight cancer.”