The Life Sciences team advised VelaVigo Cayman Limited (“VelaVigo”) on an agreement with Avenzo Therapeutics, Inc. (“Avenzo”) granting Avenzo an exclusive option to an exclusive license to develop, manufacture and commercialize a potential first-in-class Nectin4/TROP2 bispecific ADC globally (excluding Greater China). VelaVigo will maintain rights for Greater China and plans to collaborate with Avenzo in global development. Under the terms of the agreement, VelaVigo will receive an upfront fee and potential near-term milestones upon option exercise by Avenzo of up to $50 million. In addition, VelaVigo is eligible to receive future potential development, regulatory, and commercial milestone payments of up to approximately $750 million in total, as well as tiered royalties on sales in Avenzo's territory.
VelaVigo is a leading antibody/ADC discovery and development biotech company with a highly efficient discovery engine and strong capabilities in translational medicine, CMC and early clinical development. Its leading products are expected to enter clinical development in the US and China in 2025. VelaVigo continues to build partnerships in clinical development, technology platforms, and with investors to maximize the efficiency of drug development and return on investment. VelaVigo was founded in 2021 with a $50M investment, with its global R&D headquarters in Shanghai, and clinical and US operations in Boston.
The Goodwin team was led by Wenseng “Wendy” Pan and consisted of Christopher Zhong, Longfei Fang and Daniel S. Karelitz.
For more information on the deal, please read the press release.