Day One targets the growing ADC market with MabCare acquisition
Day One Biopharmaceuticals is entering the field of ADCs through an exclusive licensing agreement with MabCare Therapeutics for its ADC MTX-13.
The Brisbane, California-based biotech company is paying out $55m upfront for the novel ADC targeting protein-tyrosine kinase 7 (PTK7). Under the terms of the agreement, Day One has exclusive rights to develop, manufacture and commercialise MTX-13 worldwide, excluding Greater China. MabCare is eligible to receive an additional $1.15bn in development, regulatory and commercial success-based milestones, plus low-to-mid single-digit royalties on net sales outside of Greater China.
The US Food and Drug Administration (FDA) cleared the investigational new drug application for MTX-13 – now dubbed DAY301 – in April 2024. According to the companies, DAY301 has shown anti-tumour activity in a wide range of solid tumours in preclinical studies. The first patient is expected to be dosed in an upcoming Phase I study at the end of this year or the start of 2025.
Day One secured its first FDA approval in April 2024 for Ojemda (tovorafenib), an oral, brain-penetrant, type II RAF kinase inhibitor paediatric brain tumour treatment. Following the FDA approval, the company sold a priority review voucher for $108m, without disclosing the name of the buyer.
Day One is among the latest biotechs targeting the ADC market, joining a growing list of companies that have entered into deals recently. In April 2024, Genmab announced that it had agreed to acquire ProfoundBio for $1.8m, inheriting its own PTK7-targeted ADC.
In the same month, Ispen inked a global licensing agreement with Sutro Biopharma to develop ADCs in a deal worth up to $900m. Pharma giants Bristol Myers Squibb, Johnson and Johnson, and Pfizer have all made moves, with Pfizer’s buyout of ADC-specialist Seagen the biggest acquisition to date in the space, a deal that totalled $43bn, in December 2023.
June 21, 2024
