Cullinan Therapeutics Expands Autoimmune Portfolio with $700M BCMA Bispecific Deal

Cullinan Therapeutics has significantly bolstered its autoimmune disease pipeline through a $700 million licensing agreement with Genrix Bio for velinotamig, a BCMAxCD3 bispecific T cell engager. The deal, announced on June 4, 2025, marks a strategic expansion of Cullinan's autoimmune program and complements its existing CD19xCD3 T-cell engager, CLN-978.

Deal Structure and Financial Terms

Under the terms of the agreement, Cullinan will pay Genrix Bio an upfront fee of $20 million for the ex-China rights to velinotamig. The deal includes potential additional payments of up to $292 million in development and regulatory milestones, as well as up to $400 million in sales-based milestones. Cullinan has also committed to paying tiered royalties on future sales.

Strategic Fit and Clinical Development Plans

Velinotamig has already demonstrated promising results in multiple myeloma, with Genrix having tested the drug in nearly 50 patients. Cullinan CEO Nadim Ahmed highlighted the drug's "potential best-in-class efficacy" in this indication. The next phase of development will see Genrix initiate a Phase 1 study in autoimmune disease in China before handing over further clinical development to Cullinan.

Ahmed emphasized the complementary nature of velinotamig to Cullinan's existing pipeline: "Adding a BCMAxCD3 bispecific T cell engager to our pipeline complements our rapid global clinical development of CLN-978, enabling us to address the needs of more patients across a broader range of autoimmune diseases than with either molecule alone."

The CEO further explained the rationale behind targeting BCMA in autoimmune diseases: "Accumulated data supports BCMA as a promising target in autoimmune diseases, offering a precise and potentially disease-modifying approach by eliminating the entirety of the self-reactive plasma cells that result in certain autoimmune diseases, especially those diseases driven by long-lived plasma cells."

Market Analysis and Future Prospects

William Blair analysts have noted that while CD19xCD3 T cell engagers like CLN-978 may have a more manageable side effect profile, there will likely be autoimmune indications requiring more potent depletion of plasma cells. This creates an opportunity for velinotamig, although the analysts caution that careful indication selection and dosing frequency will be crucial, given the potential risks associated with chronic dosing of BCMAxCD3 T cell engagers.

The acquisition of velinotamig aligns with Cullinan's strategic pivot from oncology to autoimmune diseases, a trend observed among several cell therapy biotechs. This shift included redirecting CLN-978 from blood cancer to lupus, reflecting the company's commitment to exploring new therapeutic avenues in the autoimmune space.

As Cullinan Therapeutics continues to advance its autoimmune pipeline, the pharmaceutical industry will be watching closely to see how this dual approach of targeting both CD19 and BCMA unfolds in the treatment of complex autoimmune disorders.