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Legend Biotech Nets $50M Milestone Payment From Janssen for Carvykti

NEW YORK – Legend Biotech said on Thursday that it has received a $50 million milestone payment from Janssen Biotech for the commercialization of its anti-BCMA CAR T-cell therapy Carvykti (ciltacabtagene autoleucel).

In February, the US Food and Drug Administration approved Carvykti for relapsed or refractory multiple myeloma. A month later, the European Committee for Medicinal Products for Human Use (CHMP) issued a positive opinion for the treatment. China's regulators have also granted Carvykti breakthrough therapy designation, and both the FDA and the European Commission have granted it orphan drug status.

A 2017 licensing deal between the two firms for developing and commercializing the CAR T-cell therapy stipulated that Legend would receive $350 million upfront and be entitled to receive additional payments should it achieve certain development, regulatory, production, and sales milestones. Under the terms of the agreement, Legend and Janssen also share Carvykti's costs and profits evenly in all markets except for China, where Legend takes on 70 percent of the costs and profits while Janssen has 30 percent.

Including the $50 million payment Legend announced on Thursday, the Somerset, New Jersey-based firm has brought in $300 million in milestone payments under the collaboration.