AnaptysBio Inc. could receive up to $125 million from a new partnership with Massachusetts cancer drugmaker Tesaro Inc., including $17 million upfront.
The privately held AnaptysBio, based in San Diego, has given Tesaro (Nasdaq: TSRO) exclusive rights to develop its line of antibody-based drugs that are expected to enter clinical trials in 18 to 24 months.
AnaptysBio’s treatments target tumors of the kidney and lung, among others. It could earn $18 million in milestone payments from Tesaro if certain research and development targets are met, and another $90 million if the drugs are approved for different indications.
News of the partnership sent Tesaro’s shares soaring 33 percent.