Cullinan licenses rights to velinotamig from Genrix Bio for $20M upfront

Cullinan Therapeutics (CGEM) announced that it has entered into an agreement with Genrix Bio for a global, all indication, exclusive license to velinotamig, a BCMAxCD3 bispecific T cell engager. Velinotamig has demonstrated potential efficacy at the Phase 2 target dose in nearly 50 patients with relapsed/refractory multiple myeloma. Cullinan will develop velinotamig in autoimmune diseases. Genrix plans to initiate a Phase 1 study in China by the end of this year in patients with autoimmune diseases. Cullinan intends to use the data generated to accelerate global clinical development of the program. Following the completion of the Genrix Bio Phase 1 study, Cullinan will conduct all further development of velinotamig in autoimmune diseases. Under the agreement, Cullinan will pay Genrix Bio an upfront license fee of $20M for exclusive rights to develop and commercialize velinotamig in all disease areas globally outside of Greater China. In the future, Genrix will also be eligible to receive up to $292M in development and regulatory milestones plus up to an additional $400M in sales-based milestones, as well as tiered royalties from mid-single digits up to the mid- teens on potential ex-Greater China net sales. Importantly, with refinement of the clinical oncology pipeline, Cullinan reiterates its existing guidance to have cash resources into 2028 based on its current operating plan.