Toronto, ON – Northern Biologics, a privately held company that is commercializing antibody therapeutics developed at the University Health Network and the University of Toronto, announced this week that it has entered into a strategic collaboration with Celgene Corp, a multinational biopharmaceutical company headquartered in New Jersey.
The deal includes a $30 million upfront cash payment to Northern Biologics, which will help fund the discovery and development of first-in-class therapeutic antibodies for oncology and fibrosis.
In exchange for helping to advance Northern Biologics’ technology, Celgene will have options to license the work and the right to acquire Northern Biologics upon the conclusion of the collaboration.
Dr. Bradly Wouters, a founding partner who specializes in the tumour microenvironment, and is interim director of the Princess Margaret Cancer Centre commented, “Celgene’s investment will accelerate the development of targeted biologics for personalized cancer medicine. This support reflects both the commercialization opportunities that derive from direct investments in basic research as well as the synergy within the founding team of scientists.”