China's Coherent Biopharma has granted MultiValent Biotherapies exclusive rights to develop and commercialise its peptide-drug conjugate (PDC), CBP-1018, for the treatment of prostate cancer outside of Greater China. Under the agreement, Coherent will receive an upfront payment of USD 20 million and a 20% equity stake in MultiValent. The deal also includes the potential for up to approximately USD 2 billion in future development, regulatory and commercial milestone payments, plus tiered royalties on net sales.

CBP-1018 is the company's second drug candidate developed using its proprietary Bi-XDC (bispecific, bioligand drug conjugate) platform. The molecule is a bispecific peptide conjugated to Auristatin-E that targets PSMA and FRα, proteins overexpressed in prostate cancer cells. The platform's design allows for rapid tissue penetration, low immunogenicity and dual targeting, enabling localised delivery of a therapeutic payload directly to tumour sites. In a Phase I/II trial involving over 110 patients, intravenous administration of CBP-1018 showed encouraging preliminary safety and efficacy, with a median progression-free survival (mPFS) of 8.5 months.

PharmCube's NextBiopharm® database shows that this is the third-largest deal reported in the PDC segment. Click here to request a free trial for NextBiopharm®.