On July 4, 2019 BioInvent International AB (BINV) reported it will receive a $0.5 million milestone payment related to the acceptance by the U.S. Food and Drug Administration of the Investigational New Drug (IND) application for TAK-169, a first-in-class CD38-targeted fusion protein (Press release, BioInvent, JUL 4, 2019, View Source [SID1234537382]). The IND was filed by Takeda Pharmaceutical Company Limited under a co-development agreement with Molecular Templates. This milestone relates to BioInvent’s proprietary n-CoDeR antibody library and its role in the discovery of the investigational compound.

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Takeda is developing TAK-169 under a royalty and milestone agreement with XOMA Corporation (NASDAQ: XOMA). BioInvent and XOMA have a long-standing cross-licensing agreement covering BioInvent’s proprietary n-CoDeR antibody library and XOMA’s bacterial protein expression technology.

Martin Welschof, CEO of BioInvent, said, "This is validating that our n-CoDeR platform not only yields highly promising drug candidates for BioInvent’s proprietary programs, but is also helping our partners in building their own pipelines."