F-star provides an update on its collaboration with Denali Therapeutics

Denali Therapeutics and Takeda Pharmaceutical Company had entered into a strategic option and collaboration agreement to develop and commercialise up to three specified therapeutic product candidates for neurodegenerative diseases

F-star, a biopharmaceutical company developing novel bispecific antibodies, provides an update on its collaboration with Denali Therapeutics. Denali Therapeutics and Takeda Pharmaceutical Company had entered into a strategic option and collaboration agreement to develop and commercialise up to three specified therapeutic product candidates for neurodegenerative diseases. These three therapeutic programmes are based on Denali’s ATV (Antibody Transport Vehicle) technology and include transferrin receptor-specific Fcabs™ (Fc-domains with antigen-binding activity) that were discovered under the collaboration with F-star, announced in August 2016. This collaboration leverages F-star’s Modular Antibody TechnologyTM and Denali’s expertise in the development of therapeutics for neurological diseases. The collaboration is held within F-star Gamma Limited (F-star Gamma), an AssetCentric Vehicle in the F-star family.

John Haurum, CEO, F-star commented, “Denali Therapeutics’ agreement with Takeda is extremely exciting news for F-star and provides clear validation of our technology. It underlines the positive progress in our collaboration.”

Under the terms of the agreement F-star announced with Denali in 2016, F-star has already received upfront payments totaling $6M, as well as research funding and is eligible for technical milestone payments. In addition, Denali has the option to acquire F-star Gamma prior to the initiation of the first Phase 1 clinical trial in return for aggregate exercise and milestone payments to the F-star Gamma shareholders of up to $450M in total. If Denali does not exercise the option to acquire F-star Gamma, it has the right to license a pre-specified number of mAb² based on each Fcab generated by F-star Gamma, in return for license fees, development, regulatory and commercial milestones payments with a potential aggregate value of $1B and tiered royalties on product sales.