Novartis Dumps Another Bispecific Candidate From Xencor Deal

Novartis AG NVS terminated its ex-US rights to the program dubbed vibecotamab, a bispecific targeting CD123 and CD3 for acute myeloid leukemia.
The move will take effect next February, Xencor Inc XNCR said.
Xencor will drop the development of the drug altogether as well, saying it has no plans for in-house research.
Novartis will cover its share of the costs until August 2022.
Novartis and Xencor originally agreed to develop vibecotamab, previously known as XmAb14045, back in 2016 when the companies signed a deal giving Xencor $150 million upfront and promising another $2.4 billion in milestones.
Xencor ended Q3 with cash, cash equivalents, receivables, and marketable debt securities totaling $537.9 million.
Price Action: XNCR shares are down 2.66% at $39.52 during the market session on the last check Tuesday.