BioInvent announced it will receive a $0.5 million milestone payment related to the acceptance by the U.S. Food and Drug Administration (FDA) of the Investigational New Drug (IND) application for TAK-169, a first-in-class CD38-targeted fusion protein. The IND was filed by Takeda Pharmaceutical 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.

Takeda is developing TAK-169 under a royalty and milestone agreement with XOMA Corporation. 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.

"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," Martin Welschof, CEO of BioInvent, said.

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