Under the agreement, Exelixis will pay Invenra an upfront fee of $15 million, as well as additional fees and funding, for the option to nominate up to 20 additional targets. Invenra will be eligible for development, regulatory, and commercial milestone payments, as well as tiered royalties on net sales from any approved products. Exelixis will own all antibody sequences discovered from the collaboration for all therapeutic uses in oncology and other disease areas.

The expanded collaboration also provides Exelixis with an option to obtain development and commercialization rights to certain future internal Invenra pipeline programs in exchange for an opt-in fee.

Invenra expects to expand its research capabilities and advance its pipeline, which includes a selective regulatory T-cell depleter.

The initial collaboration was formed in May 2018 and first expanded in October 2019. Under this agreement, Invenra was responsible for antibody lead discovery and generation using its antibody and B-Body platforms. Exelixis was responsible for investigational new drug-enabling studies, manufacturing, and clinical development in single-agent and combination therapy regimens, as well as future regulatory and commercialization activities.