Cullinan licenses BCMAxCD3 bispecific velinotamig from Genrix for $20M upfront, up to $692M milestones

Cullinan Therapeutics, Inc.

Upfront license fee of $20 million; Genrix eligible for up to $292M in development/regulatory milestones and up to $400M in sales-based milestones.
Tiered royalties on ex-Greater China net sales ranging from mid-single digit to mid-teens percent.
Velinotamig has shown potential best-in-class efficacy in ~50 relapsed/refractory multiple myeloma patients; Cullinan to develop in autoimmune diseases.
Genrix plans Phase 1 autoimmune study in China by end of 2025; Cullinan will conduct global development after that.
Cullinan reiterates cash runway into 2028 based on current operating plan.

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