Molecular Partners Regains Rights To Early-Stage Cancer Asset From Amgen

Molecular Partners AG's MOLN collaborating partner Amgen Inc AMGN for MP0310 (AMG 506) will return the global rights of MP0310 to Molecular Partners following a strategic pipeline review.
MP0310 is a dual-targeted compound targeting both FAP and 4-1BB that has the potential to activate T-cells and other immune cells, specifically in the tumor microenvironment, aiming to avoid systemic side effects associated with 4-1BB activation.
Given this mode of action, future development will call for combination therapy trials. No additional clinical studies of MP0310 have been planned at this time.
After completing the ongoing Phase 1 study, the Company will look to initiate discussions with potential collaborators.
The collaboration with Amgen was initiated in December 2018, providing an upfront payment of $50 million.
The second part of the phase 1 trial was initiated to optimize dosing and to demonstrate sustained activity at later time points.
Data from the second part of the trial is pending. The remaining patient cohorts will be treated and followed per the trial protocol, which is expected to complete in 2H of 2022.
Price Action: MOLN shares are down 37.6% at $8.67 during the premarket session on Wednesday's last check, and AMGN shares closed at $249.87 on Tuesday.