Ropes & Gray advised Xilio Therapeutics in a strategic collaboration and option agreement with AbbVie to discover and develop tumor-activated immunotherapies, including masked T cell engagers, in a deal worth up to $2.1 billion. The masking aspect is designed to allow the molecule to activate within the tumor environment while minimizing toxicity and improving tolerability through tumor-selective activation. The collaboration was announced on February 12.
Under the agreement, Xilio will receive $52 million in upfront payments and be eligible for additional option-related fees and milestones, as well as tiered royalties. Xilio granted AbbVie an exclusive option for an initial program to discover and develop masked cell engager molecules, the right to initiate up to two additional masked cell engager programs, and an exclusive license for a program to discover and develop a masked antibody-based immunotherapy.
The Ropes & Gray team included life sciences licensing partner Hannah England and life sciences licensing associate Ian Nilsen.
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