CytomX Therapeutics Inc. (NASDAQ: CTMX) announced an expansion of its research collaboration with Regeneron Pharmaceuticals Inc. to develop conditionally-activated bispecific cancer therapies. The collaboration combines CytomX's Probody therapeutic platform with Regeneron's Veloci-Bi bispecific antibody development platform.

CytomX will receive a $37 million target selection payment for two additional programs selected under the expanded agreement. Regeneron has secured an option to select up to six additional future targets, bringing total potential target nomination, research, development, regulatory and sales-based milestones to approximately $4 billion.

The original collaboration began in 2022 and focuses on applying CytomX's biologic masking strategies with Regeneron's bispecific antibodies. The technology aims to create investigational bispecifics that remain inactive until activated by proteases in the tumor microenvironment.

Under the expanded agreement, Regeneron and CytomX will continue discovery activities to identify and validate conditionally active bispecific antibodies. Regeneron will fund preclinical and clinical development and commercialization activities. CytomX is also eligible to receive tiered global net sales royalties on products covered under the collaboration.

"Cancer necessitates innovative treatment approaches, and with this expanded collaboration with CytomX, we are advancing bispecific treatments where we see the most promise," said John Lin, Senior Vice President of Oncology & Antibody Technology Research at Regeneron.

Sean McCarthy, CEO and Chairman of CytomX, said the collaboration is "based on a shared commitment to cutting edge science and a vision to push the boundaries of cancer immunotherapy."

The information is based on a press release statement from CytomX Therapeutics.