Globavir lands first cancer deal
LOS ALTOS, Calif.—Specialty biotechnology company Globavir Biosciences Inc. has inked an agreement with Sorrento Therapeutics Inc. under which Globavir has granted Sorrento an exclusive license to BC001, a novel oncology compound discovered at the University of Southern California and licensed by Globavir. BC001 targets hypoxia-inducible factors (HIF)-mediated signaling, specifically HIF1a-p300 interaction, to target angiogenesis, invasion and altered energy metabolism in cancer. Per the agreement, Sorrento is responsible for developing and commercializing BC001 for the treatment of solid tumors, and participated as an equity investor in Globavir’s previous round of financing. Globavir stands to receive $80 million in regulatory and sales milestone payments as well as multi-tiered royalty payments on global net sales. Dr. Shalabh Gupta, president and CEO of Globavir, noted in a press release that this is the company’s first oncology partnership.