AbbVie Walks Away From CytomX Partnership, But Garnering Attention Of Big Pharma Partners

·2 min read
  • CytomX Therapeutics Inc (NASDAQ: CTMX) will weigh its options for CX-2029, a CD71-directed antibody-drug conjugate, after AbbVie Inc (NYSE: ABBV) decided not to advance the drug into additional studies.

  • CytomX and AbbVie have also concluded their research activities under a 2016 Discovery License and Collaboration Agreement.

  • AbbVie paid $30 million upfront in 2016 to ink the deal and another $15 million in milestones in 2017 for the start of toxicology studies.

  • Related: CytomX Shares Move Higher On Collaborating Pact With This Famed COVID-19 Vaccine Maker.

  • Updated Phase 2 data for CX-2029, released in January, suggested CX-2029 spurred a 21% objective response rate (ORR) among a group of heavily pre-treated patients with squamous esophageal cancer. The ORR was 10% in squamous non-small cell lung cancer.

  • The adverse event profile was consistent with what was seen in Phase 1, with anemia being the most common side effect — experienced by 82.6% of patients in the trial.

  • CytomX restructured its business in July to prioritize internal investments in its emerging pre-clinical and early clinical pipeline and laid off 40% of its workforce.

  • In 2022, the company generated revenue of $53.2 million compared to $37.3 million a year ago, driven by higher estimated percentages of completion for R&D programs in the company's collaborations with AbbVie, Astellas Pharma Inc (OTC: ALPMF) and Bristol Myers Squibb & Co (NYSE: BMY).

  • Cash, cash equivalents, and investments of $194 million exclude the $35 million cash payment received under the Moderna agreement in Q1 2023.

  • Price Action: CTMX shares are down 15.10% at $1.52 on the last check Tuesday.

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