Janssen Scores Conditional Approval For Multiple Myeloma Treatment In Pretreated Patients

Janssen Biotech Inc, a Johnson & Johnson JNJ unit, received European conditional approval for Tecvayli (teclistamab) as monotherapy for relapsed or refractory multiple myeloma.
Teclistamab is a T-cell redirecting bispecific antibody targeting both B-cell maturation antigen and CD3 discovered by Janssen scientists using Ligand Pharmaceuticals Incorporated's LGND OmniAb OmniRat antibody discovery technology.
Ligand's previously announced spin-off of OmniAb and merger (Business Combination) with Avista Public Acquisition Corp. II AHPA, a publicly traded special purpose acquisition company.
Under the terms of the licensing agreement, OmniAb is eligible to receive a $10 million milestone payment upon the first commercial sale of teclistamab in the U.K., Italy, Germany, France, or Spain.
Under the terms of the separation and distribution agreement between Ligand and OmniAb, the milestone payments related to the first commercial sale of Tecvayli will remain with the OmniAb business regardless of the timing and achievement of the milestone and the timing of the merger closing.
Price Action: LGND shares are trading 0.45% higher at $103.81 on the last check Thursday.