Shares in Molecular Templates surge after the announcement of Takeda collaboration
pharmafile | September 20, 2018 | News story | Business Services, Research and Development | Molecular Templates, Shares, Takeda, markets, stocks
Shares in the Texas based biotech Molecular Templates have soared after the company announced that they would be collaborating with Japanese pharma firm Takeda for the joint development of CD38-targeted Engineered Toxin Bodies (ETBs) for the treatment of patients with diseases such as multiple myeloma.
Under the terms of the agreement, Takeda will make an upfront payment of $30 million. However the small Austin based company will be eligible to receive up to $632.5 million if commercial and regulatory milestones are met.
“This collaboration builds on Takeda’s deep history and commitment to the study of blood cancers, including multiple myeloma,” said Dr Philip Rowlands, Head, Oncology Therapeutic Area Unit at Takeda. “Throughout our research collaboration with Molecular Templates, we have seen the promise of its ETB platform for the discovery and development of new therapies. As we expand our relationship and continue to explore next-generation modalities, our hope is to bring forth new and important treatment options for patients.”
Notably the two companies have forged successful collaborations previously, with the lead development candidate resulting from a previous partnership.
As expanded upon by Dr Eric Poma, Molecular Templates’ Chief Executive and Scientific Officer “We have worked closely with Takeda’s scientific team since October 2016 to develop CD38-targeted ETBs with substantial improvements over our own internal program, MT-4019. Takeda’s expertise in multiple myeloma and strong antibody capabilities allowed us to develop CD38-targeted ETBs that, of the ones tested to date, are the most potent ETBs we have created with our platform. We look forward to moving this program into the clinic.”
Shares in Molecular Templates surged by more than 60% on the announcement of the news, shooting up from 4.10 USD on Tuesday to 6.87 USD the following day.
Louis Goss
Related Content
MHRA approves Takeda’s Hyqvia for chronic inflammatory demyelinating polyneuropathy treatment
Takeda has announced that the Medicines and Healthcare Products Regulatory Agency (MHRA) has granted marketing …
Takeda and ImmunoGen collaborate for development and commercialisation of Elahere in Japan
ImmunoGen has announced that it has entered into an exclusive collaboration with Takeda Pharmaceutical Company …
Takeda and HUTCHMED’s cancer drug shown to prolong overall survival
Clinical trial data from a study into the metastatic colorectal cancer (CRC) drug fruquintinib, which …
