Provention Bio Announces China Deal For Autoimmune Program

Provention Bio Inc (NASDAQ: PRVB) is making its way into China with a new deal with a subsidiary of Huadong Medicine to work on PRV-3279, a bispecific antibody-based molecule targeting CD32B and CD79B, in China, Hong Kong, Macau, and Taiwan. Provention will retain all rights to PRV-3279 in the rest of the world.
Provention will get $6 million upfront and up to $11.5 million in funding over the next three years to cover expected research costs. It will also receive regulatory and commercial milestones of up to $172 million. It is also eligible to receive low-to-mid double-digit royalties as a percentage of net sales of PRV-3279 by Huadong in Greater China.
The company plans to begin a Phase 2a trial of PRV-3279 in systemic lupus erythematosus in the second half of 2021 and expects a portion of such trial to be conducted in China.
PRV-3279 is a humanized diabody (a bispecific DART molecule) targeting the B cell surface proteins, CD32B and CD79B. Simultaneous engagement of the CD32B and CD79B receptors triggers B cell function inhibition and suppression of autoantibody production, thereby regulating B cells without causing depletion.
Price Action: PRVB stock is down marginally by 0.14% at $14.49 in market trading hours on last check Thursday.