VelaVigo Secures Exclusive Licensing Option for Nectin4/TROP2 Bispecific Antibody-Drug Conjugate with Avenzo

SHANGHAI and BOSTON, Nov. 18, 2024 /PRNewswire/ -- VelaVigo Cayman Limited (VelaVigo), a biotech firm specializing in innovative antibodies and antibody-drug conjugates (ADC), has announced a significant collaboration with Avenzo Therapeutics, Inc. (Avenzo). This partnership grants Avenzo exclusive rights to develop, produce, and market a pioneering Nectin4/TROP2 bispecific ADC globally, except for Greater China, where VelaVigo retains rights.

The founder, Chairman, and CEO of VelaVigo, Jing Li, expressed pride in the company's achievements, noting the swift progress in bringing multiple molecules to the IND-enabling stage within three years. Jing Li emphasized the importance of partnerships in VelaVigo’s strategy, highlighting the collaboration with Avenzo as a key step in advancing the Nectin4/TROP2 ADC program internationally. Tong Zhang, Co-founder, CBO, and CFO of VelaVigo, echoed this sentiment, underscoring the value of partnership in maximizing pipeline potential and investor returns.

Founded in 2021, VelaVigo has rapidly developed an impressive pipeline of over ten multi-specific antibodies and ADC molecules targeting oncology and autoimmune diseases. To further its global reach, VelaVigo established VelaVigo Bio, Inc. in the U.S., focusing on clinical development and international partnerships.

Under the new agreement, VelaVigo will receive an upfront payment and potential near-term milestone payments up to $50 million upon Avenzo exercising its option. Additionally, VelaVigo could earn up to approximately $750 million in future developmental, regulatory, and commercial milestone payments, as well as tiered royalties from sales within Avenzo's designated territories.

Plans are underway to submit an Investigational New Drug application to both the U.S. Food and Drug Administration (FDA) and the Chinese National Medical Products Administration (NMPA) in 2025.

VelaVigo stands out as a leading biotech company with robust capabilities in antibody and ADC discovery and development. The company boasts a highly efficient discovery engine and strong translational medicine, CMC, and early clinical development expertise. VelaVigo's leading products are anticipated to enter clinical trials in the U.S. and China in 2025. The company remains committed to forming strategic partnerships in clinical development, technology platforms, and investment to boost drug development efficiency and returns.

VelaVigo was established in 2021 with a $50 million investment. Its global R&D headquarters are in Shanghai, with clinical and operational activities based in Boston.

Avenzo Therapeutics, based in San Diego, California, is dedicated to developing advanced oncology treatments. The company’s principal drug candidate, AVZO-021, is a potent and selective CDK2 inhibitor under investigation in a U.S. Phase 1 study for advanced solid tumors. Avenzo continues to push the boundaries in cancer therapy innovation.