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news.Concortis Biosystems, a subsidiary of Sorrento Therapeutics, has announced a collaboration to develop new antibody drug conjugates (ADCs) based on a Morphotek antibody linked to chemotherapeutic agents using Concortis' proprietary ADC Technology.
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As part of the deal, Sorrento will receive research fees, up-front payment, milestone payments and royalties on future net sales.
Following successful attainment of key milestones, Sorrento is also expected to receive up to $50m.
Morphotek president and CEO Nicholas Nicolaides said, "Working with Sorrento’s team and its next generation ADC technology platform, we hope to utilize the full potential of our Morphotek antibody by developing agents that may have an enhanced efficacy and safety profile."
Sorrento Therapeutics president and CEO Henry Ji said the company is happy to have entered into this collaboration with Morphotek, which has successfully pioneered the development of antibodies using their gene evolution technology.
"This further increases the number of our existing corporate arrangements where Sorrento’s proprietary ADC technology is being used to generate novel ADCs," Ji said.