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LONDON (Alliance News) - Avacta Group PLC said on Thursday it would collaborate with Glythera Ltd to develop a new, highly targeted bio-therapeutics as an alternative to established antibody drug conjugates.
The company said the combined potential benefits of the collaboration could create a new leading antibody drug conjugate, with a number of benefits over current products. Avacta said their Affimer-drug technology could improve tumour penetration, while Glythera's PermaLink technology could reduce toxicity effects.
Avacta said the market in antibody drugs is estimated to be worth "around $1bn" today, and is expected to be worth "USD10bn annually" by 2024.
Under the terms of the agreement, the companies will develop materials and methods to be used in Avacta's antibody drugs. Avacta said it aims to prove the technical and commercial benefits of the collaborative effort over traditional antibody drugs.
"This partnership with Glythera will further demonstrate the utility of the Affimer platform as a powerful approach to generating a broad range of biotherapeutics, creating opportunities for third party licensing of the platform with the potential to generate long-term value for both companies," said Avacta Chief Executive, Alastair Smith.
Shares in Avacta were up 0.5% Thursday morning at 85.40 pence.
By Lucy Heming; lucyheming@alliancenews.com
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