Biogen Exercises Option To Participate Developing Genentech's Bispecific Antibody, Mosunetuzumab

Biogen Inc BIIB has exercised its option to participate in the development and commercialization of mosunetuzumab, a CD20xCD3 T-cell engaging bispecific antibody for B-cell non-Hodgkin's lymphoma (NHL), including follicular lymphoma (FL) and diffuse large B-cell lymphoma (DLBCL). 

• Biogen will pay a $30 million one-time option fee to Genentech, a member of the Roche Holdings AG RHHBY, as part of the companies' long-standing collaboration on antibodies targeting CD20.
• Biogen will have joint decision-making rights related to the development and commercialization of mosunetuzumab, and Genentech will continue to lead the strategy and implementation of the program.
• In June 2020, mosunetuzumab was granted Breakthrough Therapy Designation (BTD) by the FDA for adult patients with relapsed/refractory (R/R) FL who have received at least two prior systemic therapies.
• In addition, mosunetuzumab recently began a Phase 1b trial in patients with systemic lupus erythematosus.
• Biogen will share in the operating profits and losses of mosunetuzumab in the U.S. in the low to mid 30% range and is eligible to receive low single-digit royalties on sales outside the U.S.
• Price Action: BIIB shares are up 1.14% at $228.58 during the market session on the last check Tuesday.