Cilag, an affiliate of Janssen, is teaming up with a Netherlands-based biopharma company called Argenx to develop a treatment for certain cancers.
The drug, Cusatuzumab, is already being tested on patients with acute myeloid leukemia. Under the deal, the companies will work on developing the treatment for a range of blood cancers and other hematological illnesses.
Argenx specializes in antibody-based therapies for autoimmune diseases and cancer. Under the deal, Janssen will pay Argenx $300 million in cash and Johnson & Johnson Innovation will invest $200 million in the company. Argenx will be able to co-promote Cusatuzumab in the U.S. and then split the worldwide sales with Cilag. Pending certain milestones, the deal could be worth up to $1.6 billion.
Read the full Reuters report.