Coherent Biopharma announced an exclusive licensing agreement with MultiValent Biotherapies, Inc. for CBP‑1018, a bispecific peptide‑drug conjugate (PDC) targeting prostate cancer. MultiValent gains global rights (ex‑Greater China) for the asset, with Coherent receiving USD 20 million upfront, a 20% equity stake in MultiValent, up to $2 billion in milestones, and tiered royalties.
Transaction Structure
Component
Details
Asset Licensed
CBP‑1018 (bispecific PDC targeting PSMA and FRα)
Platform
Bi‑XDC (Bispecific Dual‑Ligand Conjugate)
Payload
Auristatin‑E
Territory
Global (excluding Greater China)
Upfront Payment
USD 20 million cash
Equity Stake
20% ownership in MultiValent
Milestone Payments
Up to USD 2 billion (development, regulatory, commercial)
Royalties
Tiered royalties on net sales
Indication
Prostate cancer (focal therapy development)
Development Plan
Phase I initiation planned for 2026
Drug Profile & Differentiation
Attribute
CBP‑1018
Competitive Context
Targets
PSMA and FRα (bispecific)
Dual targeting of validated prostate cancer antigens
Modality
Peptide‑drug conjugate (PDC)
Emerging alternative to ADCs; improved tumor penetration
First bispecific PDC for prostate cancer from China
Novel Bi‑XDC platform
Potential
Focal therapy alternative to surgery/radiation/ADT
Addresses unmet need for localized treatment
Market Opportunity
Metric
Value
Context
Global Prostate Cancer Market
$12‑15 billion (2025)
Second most common cancer in men
PSMA‑Targeted Therapy Market
$2‑3 billion (including diagnostics and therapeutics)
Growing with approvals like Pluvicto
Focal Therapy Segment
$500‑800 million (potential)
Minimally invasive alternatives to radical treatment
CBP‑1018 Peak Sales Potential
$300‑500 million (global estimate)
10‑15% share if approved in focal therapy
Competitive Advantage
Bispecific targeting and PDC modality
Differentiated from monospecific ADCs
Strategic Implications
For Coherent Biopharma:$2 billion deal validates Bi‑XDC platform; 20% equity stake provides long‑term upside; non‑dilutive capital funds pipeline expansion; retains Greater China rights for future monetization.
For MultiValent:First‑in‑class PDC asset strengthens oncology pipeline; bispecific targeting addresses tumor heterogeneity; focal therapy positioning offers commercial differentiation; global rights enable rapid development and partnering.
For Market: Demonstrates China’s leadership in novel conjugate modalities; PDCs emerge as viable ADC alternatives; PSMA+FRα bispecific strategy could expand to other solid tumors.
Forward‑Looking Statements This brief contains forward‑looking statements regarding milestone achievements, clinical development timelines, and market potential. Actual results may differ due to scientific risks, competitive responses, or regulatory challenges.-Fineline Info & Tech
By Fineline Cube 