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

Cullinan Therapeutics has inked a significant licensing agreement with Genrix Bio, securing ex-China rights to velinotamig, a BCMAxCD3 bispecific T cell engager. The deal, potentially worth up to $700 million, marks a strategic expansion of Cullinan's autoimmune disease portfolio and complements its existing CD19-targeted therapy.

Deal Structure and Financial Terms

Under the terms of the agreement, Cullinan will pay Genrix Bio an upfront fee of $20 million. The deal includes potential development and regulatory milestones totaling up to $292 million, as well as sales-based milestones of up to $400 million. Additionally, Genrix Bio may receive tiered royalties on future sales.

Strategic Fit and Clinical Development Plans

Velinotamig has already demonstrated promising efficacy in multiple myeloma, with nearly 50 patients treated to date. Cullinan CEO Nadim Ahmed highlighted the drug's potential, stating, "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 acquisition aligns with Cullinan's recent pivot from oncology to autoimmune diseases. Genrix Bio will initiate a phase 1 study of velinotamig in autoimmune indications in China before transferring further clinical development responsibilities to Cullinan.

Complementary Approach to Autoimmune Diseases

Cullinan sees velinotamig as a complement to its CD19xCD3 T-cell engager CLN-978, currently being evaluated in systemic lupus erythematosus. Ahmed 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."

Industry analysts from William Blair agree with the complementary nature of the acquisition, noting that while CD19-targeted therapies may have a more manageable side effect profile, BCMA-targeted approaches could be beneficial in indications requiring more potent plasma cell depletion. However, they caution that careful consideration of dosing frequency and indication selection will be crucial, given the potential risks associated with chronic BCMAxCD3 T cell engager administration.