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Merus N.V. (MRUS) and Biohaven (BHVN) have announced a research collaboration and license agreement to co-develop three novel bispecific antibody drug conjugates (ADCs). The partnership combines Merus’ Biclonics® technology platform with Biohaven’s ADC conjugation and payload platform technologies.
The collaboration includes two Merus bispecific programs and one program under preclinical research. Biohaven will handle preclinical ADC generation under mutually agreed research plans. Both companies will share subsequent external development costs and commercialization upon program advancement.
Merus will receive an upfront payment and license fee at ADC candidate nomination of the first program. Merus will cover preclinical bispecific antibody generation costs, while Biohaven will manage preclinical ADC generation costs.
Merus N.V. (MRUS) e Biohaven (BHVN) hanno annunciato una collaborazione di ricerca e un accordo di licenza per co-sviluppare tre nuovi conjugati di farmaci a base di anticorpi bispecifici (ADC). La partnership combina la piattaforma tecnologica Biclonics® di Merus con le tecnologie di coniugazione e carico dell’ADC di Biohaven.
La collaborazione include due programmi bispecifici di Merus e un programma attualmente in fase di ricerca preclinica. Biohaven si occuperà della generazione di ADC preclinici secondo piani di ricerca concordati. Entrambe le aziende condivideranno i costi di sviluppo esterni successivi e la commercializzazione al momento dell’avanzamento del programma.
Merus riceverà un pagamento anticipato e una tassa di licenza al momento della nomination del candidato ADC del primo programma. Merus coprirà i costi di generazione di anticorpi bispecifici preclinici, mentre Biohaven gestirà i costi di generazione di ADC preclinici.
Merus N.V. (MRUS) y Biohaven (BHVN) han anunciado una colaboración de investigación y un acuerdo de licencia para co-desarrollar tres nuevos conjugados de fármacos de anticuerpos bispecíficos (ADCs). La asociación combina la plataforma tecnológica Biclonics® de Merus con las tecnologías de conjugación y carga de ADC de Biohaven.
La colaboración incluye dos programas bispecíficos de Merus y un programa en investigación preclínica. Biohaven se encargará de la generación de ADC preclínicos bajo planes de investigación mutuamente acordados. Ambas compañías compartirán los costos de desarrollo externo posteriores y la comercialización a medida que avance el programa.
Merus recibirá un pago inicial y una tarifa de licencia en el momento de la nominación del candidato ADC del primer programa. Merus cubrirá los costos de generación de anticuerpos bispecíficos preclínicos, mientras que Biohaven gestionará los costos de generación de ADC preclínicos.
Merus N.V. (MRUS)와 Biohaven (BHVN)은 세 가지 새로운 이중 특이성 항체 약물 접합체 (ADC)를 공동 개발하기 위한 연구 협력 및 라이선스 계약을 발표했습니다. 이번 파트너십은 Merus의 Biclonics® 기술 플랫폼과 Biohaven의 ADC 접합 및 하중 플랫폼 기술을 결합합니다.
이 협력에는 Merus의 이중 특이성 프로그램 두 개와 하나의 전임상 연구 프로그램이 포함됩니다. Biohaven은 상호 합의된 연구 계획에 따라 전임상 ADC 생성을 처리합니다. 두 회사는 프로그램 발전에 따라 이후 외부 개발 비용 및 상업화를 공유하게 됩니다.
Merus는 첫 번째 프로그램의 ADC 후보 지명 시 선불 지급과 라이선스 수수료를 받을 것입니다. Merus는 전임상 이중 특이성 항체 생성 비용을 부담하고, Biohaven은 전임상 ADC 생성 비용을 관리합니다.
Merus N.V. (MRUS) et Biohaven (BHVN) ont annoncé une collaboration de recherche et un accord de licence pour co-développer trois nouveaux conjugués anticorps bispécifiques (ADC). Ce partenariat combine la plateforme technologique Biclonics® de Merus avec les technologies de conjugaison et de charge d’ADC de Biohaven.
La collaboration inclut deux programmes bispécifiques de Merus et un programme en recherche préclinique. Biohaven s’occupera de la génération d’ADC précliniques selon des plans de recherche convenus. Les deux entreprises partageront les coûts de développement externes ultérieurs et la commercialisation au fur et à mesure de l’avancement du programme.
Merus recevra un paiement initial et des frais de licence lors de la nomination du candidat ADC du premier programme. Merus couvrira les coûts de génération d’anticorps bispécifiques précliniques, tandis que Biohaven gérera les coûts de génération d’ADC précliniques.
Merus N.V. (MRUS) und Biohaven (BHVN) haben eine Forschungskooperation und Lizenzvereinbarung angekündigt, um drei neuartige bispezifische Antikörper-Wirkstoff-Konjugate (ADCs) gemeinsam zu entwickeln. Die Partnerschaft kombiniert die Biclonics®-Technologieplattform von Merus mit den ADC-Konjugations- und Payload-Plattformtechnologien von Biohaven.
Die Zusammenarbeit umfasst zwei bispezifische Programme von Merus und ein Programm in der präklinischen Forschung. Biohaven wird die präklinische ADC-Generierung gemäß gegenseitiger Vereinbarungen durchführen. Beide Unternehmen teilen sich die späteren externen Entwicklungskosten und die Kommerzialisierung bei Fortschritt des Programms.
Merus erhält eine Vorauszahlung und Lizenzgebühr bei der Nominierung des ersten ADC-Kandidaten. Merus übernimmt die Kosten für die präklinische Generierung von bispezifischen Antikörpern, während Biohaven die Kosten für die präklinische ADC-Generierung verwaltet.
Positive
- Strategic collaboration combining complementary technologies in ADC development
- Cost-sharing structure reduces financial burden for both companies
- Upfront payment and license fees to be received by Merus
Negative
- Significant development costs to be shared between companies
- Early-stage research collaboration with uncertain outcomes
- No disclosed financial terms or milestone values
Insights
This collaboration marks a strategic fusion of two complementary technological platforms in the rapidly evolving ADC space. The partnership leverages Merus’s Biclonics® platform, recently validated through Bizengri®’s FDA approval, with Biohaven’s ADC conjugation and payload technologies. The deal structure, featuring cost-sharing and milestone-based development, effectively distributes risk while maintaining significant upside potential for both parties.
The agreement’s structure is particularly noteworthy – it covers three distinct bispecific ADC programs, with two from Merus’s existing platform and one from their preclinical pipeline. This diversification reduces program-specific risk while maximizing the potential for successful outcomes. The collaboration model, where Biohaven handles ADC generation while Merus manages bispecific antibody development, optimally utilizes each company’s core competencies.
For investors, this represents a strategic value-creation opportunity. ADCs are currently one of the hottest areas in oncology, with recent deals valued in billions (like Pfizer-Seagen). While financial terms weren’t fully disclosed, the cost-sharing structure for development and commercialization suggests significant long-term value potential beyond the initial upfront payment.
The deal’s financial architecture is particularly sophisticated. The staged development approach, with shared costs post-initial development, creates a capital-efficient model that preserves both companies’ cash positions while maintaining significant upside exposure. This is especially important for Merus, with its $3 billion market cap, as it allows for pipeline expansion without excessive capital burden.
The market has consistently rewarded similar ADC collaborations with premium valuations, reflecting the sector’s strategic importance. Recent ADC deals have commanded substantial premiums and this partnership positions both companies to capture value in this high-growth market segment. The risk-sharing structure, combined with the potential for multiple successful programs, creates an asymmetric risk-reward profile favorable to both parties.
The technical significance of combining bispecific antibodies with ADC technology cannot be overstated. Traditional ADCs typically use monospecific antibodies, but bispecific ADCs could potentially deliver improved tumor targeting and reduced off-target effects. This approach could yield ADCs with better therapeutic windows – essentially allowing for higher drug doses with fewer side effects.
The recent success of Bizengri® validates Merus’s platform technology, while Biohaven’s expertise in ADC conjugation and payload technologies complements this perfectly. This collaboration could potentially create next-generation ADCs with superior efficacy and safety profiles compared to current monoclonal ADC approaches, addressing one of the key limitations in current ADC therapeutics.
NEW HAVEN, Conn. and UTRECHT, The Netherlands and CAMBRIDGE, Mass., Jan. 12, 2025 (GLOBE NEWSWIRE) — Biohaven Ltd. (NYSE: BHVN) and Merus N.V. (Nasdaq:MRUS), today announced a research collaboration and license agreement to co-develop three novel bispecific antibody drug conjugates (ADCs), leveraging Merus’ leading Biclonics® technology platform, and Biohaven’s next-generation ADC conjugation and payload platform technologies.
Under the terms of the agreement, Biohaven is responsible for the preclinical ADC generation of three Merus bispecific antibodies under mutually agreed research plans. The agreement includes two Merus bispecific programs generated using the Biclonics® platform, and one program under preclinical research by Merus. Each program is subject to mutual agreement for advancement to further development, with the parties then sharing subsequent external development costs and commercialization, if advanced.
”We’re excited to collaborate with Biohaven, leveraging their broad range of linker/payload and conjugation technologies, and expertise with the research and development of ADCs, to rapidly advance bispecific antibody candidate ADCs based on the Merus Biclonics® platform,” said Peter B. Silverman, Chief Operating Officer of Merus. “We believe that the combination of our Biclonics® technology, validated by the recent FDA approval of Bizengri® and continued clinical success with petosemtamab, together with the Biohaven suite of ADC technologies, has the potential to generate new and differentiated bispecific therapies with greater potency and selectivity over currently available monoclonal ADC approaches.”
“We believe this collaboration with Merus will accelerate our ability to create highly differentiated multispecific ADCs, leveraging Biohaven’s innovative conjugation and payload technologies to deliver optimized ADCs with the potential to significantly benefit patients across various cancer types through an enhanced efficacy and safety profile,” added Brian Lestini, President, Oncology of Biohaven.
Pursuant to the transaction, Merus will receive an upfront payment and license fee at ADC candidate nomination of the first program, with Merus to assume the preclinical bispecific antibody generation cost, and Biohaven to assume the preclinical ADC generation cost. Thereafter, upon mutual agreement to advance each program, the parties plan to share further development and commercialization costs.
About Merus
Merus is a clinical-stage oncology company developing innovative full-length human bispecific and trispecific antibody therapeutics, referred to as Multiclonics®. Multiclonics® are manufactured using industry standard processes and have been observed in preclinical and clinical studies to have several of the same features of conventional human monoclonal antibodies, such as long half-life and low immunogenicity. For additional information, please visit Merus’ website and LinkedIn.
About Biohaven
Biohaven is a biopharmaceutical company focused on the discovery, development, and commercialization of life-changing treatments in key therapeutic areas, including immunology, neuroscience, and oncology. Biohaven is advancing its innovative portfolio of therapeutics, leveraging its proven drug development experience and multiple proprietary drug development platforms. Biohaven’s extensive clinical and nonclinical programs include Kv7 ion channel modulation for epilepsy and mood disorders; extracellular protein degradation for immunological diseases; TRPM3 antagonism for migraine and neuropathic pain; TYK2/JAK1 inhibition for neuroinflammatory disorders; glutamate modulation for OCD and SCA (spinocerebellar ataxia); myostatin inhibition for neuromuscular and metabolic diseases, including SMA and obesity; antibody recruiting bispecific molecules and antibody drug conjugates for cancer. For more information, visit www.biohaven.com.
Merus Forward-Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the potential preclinical and clinical development of any bispecific ADC under the parties’ agreement, the commercial potential of such programs, any future payments Merus may receive under the agreement, the potential of leveraging Biohaven’s broad range of linker/payload and conjugation technologies; Biohaven’s expertise with the research and development of ADCs; the collaboration’s potential to rapidly advance bispecific antibody candidate ADCs based on the Merus Biclonics platform; our belief that the combination of our Biclonics technology has been validated by the recent FDA approval of Bizengri® and continued clinical success with petosemtamab; the potential of the collaboration to generate new and differentiated bispecific therapies with greater potency and selectivity over currently available monocloncal ADC approaches; and the ability to create highly differentiated multispecific ADCs, leveraging Biohaven’s innovative conjugation and payload technologies to deliver optimized ADCs with the potential to significantly benefit patients across various cancer types through an enhanced efficacy and safety profile; and our belief in the merits of the parties’ technologies and capability to develop new therapeutics. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our need for additional funding, which may not be available and which may require us to restrict our operations or require us to relinquish rights to our technologies or antibody candidates; potential delays in regulatory approval, which would impact our ability to commercialize our product candidates and affect our ability to generate revenue; the lengthy and expensive process of clinical drug development, which has an uncertain outcome; the unpredictable nature of our early stage development efforts for marketable drugs; potential delays in enrollment of patients, which could affect the receipt of necessary regulatory approvals; our reliance on third parties to conduct our clinical trials and the potential for those third parties to not perform satisfactorily; impacts of the volatility in the global economy, including global instability, including the ongoing conflicts in Europe and the Middle East; we may not identify suitable Biclonics® or bispecific antibody candidates under our collaborations or our collaborators may fail to perform adequately under our collaborations; our reliance on third parties to manufacture our product candidates, which may delay, prevent or impair our development and commercialization efforts; protection of our proprietary technology; our patents may be found invalid, unenforceable, circumvented by competitors and our patent applications may be found not to comply with the rules and regulations of patentability; we may fail to prevail in potential lawsuits for infringement of third-party intellectual property; and our registered or unregistered trademarks or trade names may be challenged, infringed, circumvented or declared generic or determined to be infringing on other marks.
These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the period ended September 30, 2024, filed with the Securities and Exchange Commission, or SEC, on October 31, 2024, and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Multiclonics®, Biclonics® and Triclonics® are registered trademarks of Merus N.V.
Biohaven Forward-Looking Statement
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of certain words, including “continue”, “plan”, “will”, “believe”, “may”, “expect”, “anticipate” and similar expressions, is intended to identify forward-looking statements. Investors are cautioned that any forward-looking statements, including statements regarding the future development, timing and potential marketing approval and commercialization of development candidates, are not guarantees of future performance or results and involve substantial risks and uncertainties. Actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors including: the expected timing, commencement and outcomes of Biohaven’s planned and ongoing clinical trials; the timing of planned interactions and filings with the FDA; the timing and outcome of expected regulatory filings; complying with applicable U.S. regulatory requirements; the potential commercialization of Biohaven’s product candidates; and the effectiveness and safety of Biohaven’s product candidates. Additional important factors to be considered in connection with forward-looking statements are described in Biohaven’s filings with the Securities and Exchange Commission, including within the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. The forward-looking statements are made as of the date of this news release, and Biohaven does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
FAQ
What is the purpose of the Merus (MRUS) and Biohaven collaboration announced in January 2024?
The collaboration aims to co-develop three novel bispecific antibody drug conjugates (ADCs) by combining Merus’ Biclonics® technology platform with Biohaven’s ADC conjugation and payload technologies.
How will development costs be shared between Merus (MRUS) and Biohaven?
Merus will cover preclinical bispecific antibody generation costs, while Biohaven will handle preclinical ADC generation costs. Further development and commercialization costs will be shared between both companies.
What financial terms are included in the Merus (MRUS) and Biohaven collaboration?
Merus will receive an upfront payment and license fee at ADC candidate nomination of the first program, though specific financial terms were not disclosed.
How many programs are included in the Merus (MRUS) and Biohaven collaboration?
The collaboration includes three programs: two Merus bispecific programs generated using the Biclonics® platform and one program under preclinical research by Merus.
