Goodwin Represents Harbour BioMed on License Agreement and Equity Partnership for a Clinical-Stage Antibody for $105 Million Upfront and Up to $1.1 Billion in Milestones
The Life Sciences team represented Harbour BioMed on a license agreement and equity partnership with Solstice Oncology, a clinical-stage biotechnology company established by a syndicate of major venture capital investors, for the exclusive development and commercialization of a clinical-stage portfolio asset HBM4003 outside Greater China. Under the terms of the license agreement, Harbour BioMed will receive upfront consideration valued at over $105 million, comprised of $50 million in upfront payments, $5 million in near-term cash payments, and over $50 million of equity in Solstice. Harbour BioMed is also eligible for additional development, regulatory, and commercial milestones up to approximately $1.1 billion, contingent on the achievement of certain future events, and tiered royalties on net sales outside Greater China.
Harbour BioMed is a global biopharmaceutical company committed to the discovery and development of novel antibody therapeutics in immunology and oncology. The company is building a robust and differentiated pipeline through internal R&D capabilities, strategic global collaborations in co-discovery and co-development, and selective acquisitions. Harbour BioMed's proprietary antibody technology platform, Harbour Mice®, generates fully human monoclonal antibodies in both the conventional two heavy and two light chain (H2L2) format and the heavy chain-only (HCAb) format. Building upon HCAb antibodies, the HCAb-based immune cell engagers (HBICE®) bispecific antibody technology enables tumor-killing effects that traditional combination therapies cannot achieve.
The Goodwin team was led by Sam Beavers and consisted of Christopher Zhong, Nancy Urizar, Dan Karelitz, Erika Pey, Alexandra Valenti, Susan S Lee, Matthew Wetzel, Justin Pierce, Nick Ognibene, and Gabe Maldoff.
For more information on the deal, please read the press release.