Imperial Innovations notes Crescendo Biologics collaboration

Imperial Innovations Group notes that portfolio company Crescendo Biologics Limited has announced a global, strategic, multi-target collaboration and licence agreement with Takeda Pharmaceutical Company Ltd worth up to $790m.

Crescendo will use its proprietary transgenic platform and engineering expertise to discover and optimally configure Humabody candidates (drug conjugates and immuno-oncology therapeutics) against multiple targets selected by Takeda.

Under the terms of the agreement, Crescendo is eligible to receive up to $36m, in a combination of an upfront payment, investment, research funding and preclinical milestones. Takeda will have the right to develop and commercialise Humabody-based therapeutics resulting from the collaboration.

Crescendo is also eligible to receive further clinical development, regulatory and sales-based milestone payments of up to $754 million over the years post preclinical development.

In addition, Crescendo will be eligible to receive royalties on Humabody-based product sales by Takeda. In the nature of such collaboration and licence agreements, these receipts are contingent upon the successful achievement of milestones.

As at 31 January 2016, Innovations had a 22.7% interest in the issued share capital of Crescendo.

At 1:16pm: (LON:IVO) Imperial Innovations Group PLC share price was +6.5p at 427.5p