Harpoon Finds A Blood Cancer Partner In AbbVie
Executive Summary
The immuno-oncology developer optioned its BCMA-targeting drug to AbbVie for $50m upfront, while it plans to retain a focus on solid-tumor candidates.
Harpoon Therapeutics Inc. has expanded an immuno-oncology drug discovery collaboration with AbbVie to include an option license for a B-cell maturation antigen (BCMA)-targeting T-cell engager poised to enter the clinic in 2020 for multiple myeloma.
The option deal is part of an expanded collaboration between the two partners that was announced on 21 November. AbbVie first partnered with Harpoon in October 2017 in a drug discovery collaboration to use Harpoon's Tri-specific T-cell Activating Construct (TRiTAC) platform with two of AbbVie's immuno-oncology targets to develop novel cancer drugs. Harpoon's TRiTAC platform produces novel T-cell engagers, engineered proteins that direct a patient's T-cells to kill cancer cells, targeting solid tumors and hematological malignancies. (Also see "Deal Watch: Syndax Gets Former Vitae Leukemia Program From Allergan" - Scrip, 20 Oct, 2017.)
That research went well, and AbbVie wanted to expand the partnership to include another six targets, as well as Harpoon's internally developed BCMA drug. Harpoon has four internally developed drugs, two of which are in the clinic and two of which are approaching the clinic. One of those is HPN217, the BCMA-targeting drug, which is poised to start clinical trials in multiple myeloma in 2020.
"We recognized that the other three programs we have are in solid-tumor indications whereas the BCMA program is a hematologic malignancy," CEO Jerry McMahon said in an interview. "We recognized from the very beginning that we would need a commercial/late-stage development partner for the program, given that multiple myeloma is a particularly complicated space to navigate."
AbbVie's experience in blood cancer makes it a strong partner for HPN217. AbbVie markets two drugs for hematological cancer, Imbruvica (ibrutinib) for B-cell driven cancers, and Venclexta (venetoclax) for certain leukemia.
The multiple myeloma treatment market is a competitive one, however, and it is poised to become even more crowded before HPN217 would have a chance to reach the market. In particular, several drug companies are close to filing BCMA-targeted drugs with the US Food and Drug Administration, including GlaxoSmithKline PLC, Bristol-Myers Squibb Co. (via the Celgene Corp. acquisition) and Johnson & Johnson. (Also see "ASH First Look: CAR-T Therapies Against BCMA, CD19 And More" - Scrip, 6 Nov, 2019.)
Under the expanded deal, AbbVie agreed to pay $50m upfront plus another near-term $50m milestone payment for an option to license worldwide exclusive rights to HPN217 after completion of Phase I/II clinical testing. The milestone payment is due after the first patient is dosed in the clinical trial, which Harpoon will be responsible for. AbbVie could pay up to $510m in upfront, option and milestone payments, plus royalties on commercial sales. It would need to pay $200m to Harpoon to exercise the option.
Meanwhile, under the expanded discovery agreement, Harpoon could receive up to $310m in upfront and potential development, regulatory and commercial milestone payments, plus royalties on sales.
With the two $50m near-term payments from AbbVie, McMahon said the company will have the funding to operate into the second half of 2022, by which time it should have proof-of-concept data available on all four programs. "That really puts us in a nice position," he said. The company had cash and equivalents of $121.2m at the end of the third quarter. Harpoon had secured $70.7m in net proceeds from an initial public offering that was completed in February 2019. (Also see "Finance Watch: Gossamer, Alector And Harpoon Launch First Biopharma IPOs Of 2019" - Scrip, 8 Feb, 2019.)
Harpoon is moving forward its other internal candidates already in clinical testing, including HPN424 for prostate cancer and HPN536 for ovarian cancer and pancreatic cancer. The company plans to present interim results from the Phase I trial testing HPN424 in the first half of 2020 and expects to present proof-of-concept data from the Phase I/II trial for HPN536 in 2020.
The third solid tumor program, still in preclinical testing, is HPN328, potentially for small-cell lung cancer in patients with DLL3-expressing malignancies.