Ligand : Janssen's Tecvayli Gets Conditional Approval In Europe For R/R Multiple Myeloma Treatment

(RTTNews) - Janssen Biotech Inc. received conditional marketing authorization from the European Commission for Tecvayli (teclistamab) as monotherapy for the treatment of patients with relapsed or refractory or R/R multiple myeloma, Ligand Pharmaceuticals Incorporated (LGND) said in a statement.

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

As per the terms of the licensing agreement with an affiliate of Janssen, OmniAb is eligible to receive a $10 million milestone payment upon the first commercial sale of teclistamab in the United Kingdom, Italy, Germany, France, or Spain.

Ligand's previously announced spin-off of OmniAb and merger with Avista Public Acquisition Corp. II remains on track to close in the fourth quarter of 2022.