Avalo to get ~15M upfront in license deal with Apollo Therapeutics for AVTX-007
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Avalo Therapeutics (NASDAQ:AVTX) said it was granting worldwide, exclusive license rights to Apollo Therapeutics to develop, manufacture and commercialize monoclonal antibody product AVTX-007 (camoteskimab).
In January, Avalo had said it was discontinuing its multiple myeloma program of AVTX-007 after no efficacy signal was seen.

Under the agreement, Avalo will receive $5M upfront and an additional ~$10M as consideration for transfer activities. Apollo will also pay Avalo up to $74M in milestone payments, plus royalty on annual net sales.
Meanwhile, Apollo will assume responsibility for the future development of AVTX-007, including an ongoing phase 1b trial. Apollo will lead future clinical development in its selected therapeutic indications, the companies said in an Aug. 1 press release.
"This transaction is critically important to Avalo. It extends our cash runway and allows us to increase our focus on our lead molecule, AVTX-002, and our ongoing phase 2 PEAK trial evaluating AVTX-002 for the treatment of non-eosinophilic asthma," said Avalo President and CEO Garry Neil.
Avalo said it had originally licensed AVTX-007 from MedImmune, a unit of AstraZeneca (AZN), and such license was transferred to Apollo as part of the transaction.