On January 12, 2024 BioInvent International AB ("BioInvent") (Nasdaq Stockholm: BINV), a biotech company focused on the discovery and development of first-in-class immune-modulatory antibodies for cancer immunotherapy, reported that its early discovery partner Exelixis, Inc. has provided a notice of termination for the option and license agreement for novel antibodies for use in immuno-oncology therapeutics (Press release, BioInvent, JAN 12, 2024, https://www.bioinvent.com/en/press/bioinvent-regains-rights-immuno-oncology-targets-exelixis-2191491 [SID1234642491]). It follows a recently announced corporate restructuring program within Exelixis, prioritizing its pipeline of clinical and near-clinical programs. BioInvent regains the full rights to all targets and resulting candidates developed under the collaboration.

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"We have appreciated the excellent partnership with Exelixis which has identified very interesting new pathways," said Dr. Martin Welschof, CEO of BioInvent. "These novel targets, generated from our proprietary F.I.R.S.T platform, formed the basis for generation of unique antibodies for immuno-oncology therapy. BioInvent has a long track record of successful collaborations and the positive progress on these exciting immuno-oncology targets opens the door to further opportunities."

The companies will collaborate on a wind-down and effective transition over the next 90 days. Today’s news has no material financial impact on BioInvent.