Iovance (IOVA) to acquire worldwide rights to an IL-2 product already approved by FDA for two cancer indications. The deal is expected to close by first-quarter 2023.
Investors were more than cheered by a business update from cancer-focused biotech Iovance Biotherapeutics (NASDAQ: IOVA) on Monday. For Proleukin, an interleukin-2 molecule used to stimulate T-cell activity in the fight against cancer, Iovance is making an upfront payment of 166.7 million British pounds ($206.6 million). It is also on the hook for a 41.7 million pound ($51.7 million) milestone payment upon first approval of its leading pipeline therapy, advanced melanoma treatment Lifileucel, and what it described only as double-digit worldwide sales royalties derived from Proleukin.
Post FDA's feedback on lifileucel, Iovance (IOVA) extends its timeline to complete the rolling BLA submission for lifileucel in melanoma. It expects to complete the filing in the first quarter.