Cullinan Therapeutics Expands Autoimmune Portfolio with $700M+ Deal for Chinese Bispecific T Cell Engager

Cullinan Therapeutics has inked a licensing agreement with Chinese biotech Genrix Bio, securing global rights (excluding Greater China) to velinotamig, a bispecific T cell engager targeting autoimmune diseases. The deal, potentially worth over $700 million, significantly bolsters Cullinan's autoimmune disease pipeline and aligns with a growing trend of pharmaceutical companies looking to China for novel drug candidates.

Deal Structure and Financial Terms

Under the agreement, Cullinan will pay Genrix Bio an upfront fee of $20 million. The deal includes potential development and regulatory milestone payments of up to $292 million, as well as sales-based milestones that could reach $400 million. Tiered royalties are also part of the arrangement, though specific percentages were not disclosed.

This strategic move comes as Cullinan, formerly known as Cullinan Oncology, continues its pivot towards autoimmune diseases. The company reaffirmed that its current cash runway extends through 2028, with the Genrix deal not affecting this projection.

Velinotamig: Mechanism and Potential

Velinotamig is a bispecific antibody designed to bind both BCMA (B-cell maturation antigen) and CD3, proteins found on various immune cells. This dual-targeting mechanism enables cytotoxic T cells to target and destroy BCMA-expressing cells, which are often abnormally activated in autoimmune conditions.

The drug has shown promise in multiple myeloma, with a Phase II trial demonstrating an overall response rate of 85%, outperforming approved agents (58-71%). Genrix plans to initiate a Phase I autoimmune study in China later this year, after which Cullinan will take charge of subsequent clinical development, focusing on autoimmune indications.

Complementary Pipeline Strategy

Cullinan's CEO, Nadim Ahmed, emphasized that velinotamig complements the company's existing autoimmune portfolio, particularly CLN-978, a CD19xCD3 T cell engager being developed for systemic lupus erythematosus (SLE), rheumatoid arthritis, and Sjögren's disease.

The addition of velinotamig allows Cullinan to "address the needs of more patients across a broader range of autoimmune diseases than with either molecule alone," Ahmed stated. This dual approach targets both B-cell and plasma-cell mediated autoimmune indications, potentially offering a more comprehensive treatment strategy.