Roche purchases cancer-treating antibody for $774 million

BioInvent and ThromboGenics will sell the rights to an antibody for treating cancer to Roche for $774 million, the two companies announced Wednesday in a joint statement.

The anti-body, TB-403, has completed phase I testing and received approval to enter phase Ib dose-escalation testing. It works by blocking the formation of new blood vessels that support the growth of tumors, thus having the potential to minimize the growth and spread of cancer cells.

As the discoverer of TB-403, ThromboGenics will receive 60 percent of the revenue, while BioInvent will receive 40 percent. Roche will obtain exclusive, worldwide rights to develop and commercialize the antibody, while ThromboGenics and BioInvent will have co-promotion rights in the Nordic, Baltic and Benelux countries.