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.
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