Cullinan Oncology Has Terminated Its Licensing Deal With Harbour Biomed For The Development Of A Bispecific Antibody Targeting B7 H4 And 4 1bb Just A Year After Paying 25 Million Upfront For Us Rights

WEB Cullinan hands back bispecific to Harbour BioMed a year after paying 25M for US rights.

Cullinan Oncology has terminated its licensing deal with Harbour BioMed for the development of a bispecific antibody targeting B7-H4 and 4-1BB, just a year after paying $25 million upfront for US rights.

Under the terms of the original agreement, Cullinan was granted exclusive rights to develop and commercialize HBM4003 in the US, while Harbour BioMed retained rights in the rest of the world. Cullinan also agreed to pay Harbour BioMed up to $625 million in milestones, including $50 million upon US FDA approval.

However, Cullinan has now decided to return the rights to Harbour BioMed, citing a strategic decision to focus on its core pipeline of oncology assets. The company will receive a refund of the $25 million upfront payment.

"We are grateful to Harbour BioMed for the opportunity to collaborate on the development of HBM4003," said Cullinan Oncology CEO Dr. James Cullinan. "We believe that HBM4003 has the potential to be a valuable treatment for patients with cancer, and we wish Harbour BioMed all the best in its continued development."

Harbour BioMed CEO Dr. Jingsong Wang said that the company is "disappointed" by Cullinan's decision to return the rights to HBM4003, but that it "respects the company's decision to focus on its core pipeline." Wang added that Harbour BioMed is "committed to the development of HBM4003 and believes that it has the potential to be a valuable treatment for patients with cancer."

Cullinan's decision to return the rights to HBM4003 is a setback for the company, which has been struggling to develop its pipeline of oncology assets. The company's stock price has fallen by more than 50% since it went public in 2020. Harbour BioMed, on the other hand, has been more successful in developing its pipeline of oncology assets, and its stock price has risen by more than 100% since the beginning of the year.

The termination of the licensing agreement between Cullinan and Harbour BioMed is a reminder of the challenges facing small biotech companies in the development of new cancer drugs. Cullinan is not the first company to return the rights to a promising cancer drug, and it is unlikely to be the last.