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Ligand Pharmaceuticals Partner Janssen Biotech Gets FDA Approval for Tecvayli

By Chris Wack


Ligand Pharmaceuticals Inc. said Wednesday that Janssen Biotech Inc. has received approval from the U.S. Food and Drug Administration for Tecvayli teclistamab for the treatment of patients with relapsed or refractory multiple myeloma.

Teclistamab is a T-cell redirecting, bispecific antibody targeting both B-cell maturation antigen and CD3 discovered and developed by Janssen scientists using OmniAb's OmniRat antibody discovery technology.

Under the terms of the licensing agreement with an affiliate of Janssen, OmniAb is eligible to receive a $25 million milestone payment upon the first commercial sale of teclistamab in the U.S.

Ligand said its spinoff of OmniAb remains on track, with an expected closing of Nov. 1, , subject to the satisfaction or waiver of closing conditions for the business combination of Avista Public Acquisition Corp. II and OmniAb.

Under the terms of the separation and distribution agreement between Ligand and OmniAb, the milestone payments related to the first commercial sale of Tecvayli will remain with OmniAb regardless of timing and achievement of the milestone and the timing of the closing of the business combination.

The license agreement with an affiliate of Janssen doesn't include royalty payments, and OmniAb won't receive royalties on sales of Tecvayli.


Write to Chris Wack at


(END) Dow Jones Newswires

October 26, 2022 08:37 ET (12:37 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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