CytomX Therapeutics, Inc. and Regeneron Pharmaceuticals, Inc. announced a collaboration and licensing agreement to create conditionally-activated investigational bispecific cancer therapies utilizing CytomX's Probody therapeutic platform and Regeneron's Veloci-Bi bispecific antibody development platform. The collaboration is strategically focused on applying CytomX's biologic masking strategies to develop investigational Regeneron bispecifics that remain inactive until activated by proteases in the tumor microenvironment. This technology has the potential to widen the therapeutic window and help minimize off-target effects for these next-generation T-cell engaging therapies, potentially addressing tumor types that have historically been unresponsive to immunotherapy.

Under the agreement, Regeneron and CytomX will collaborate on the discovery activities to identify and validate conditionally active bispecific antibodies. Regeneron will be responsible for funding preclinical and clinical development and commercialization activities. CytomX will receive an upfront payment of $30 million and will be eligible to receive future target nomination payments and preclinical, clinical, and commercial milestones of up to $2 billion.

CytomX is also eligible to receive tiered global net sales royalties.