On November 18, 2024, VelaVigo Cayman Limited (VelaVigo), a biotech company focusing on discovery and development of multi-specific antibodies and antibody-drug conjugates (ADC), announced it has entered into an agreement with Avenzo Therapeutics, Inc. (Avenzo) granting Avenzo an exclusive option to an exclusive license to develop, manufacture and commercialize a potential first-in-class Nectin4/TROP2 bispecific ADC globally (excluding Greater China). VelaVigo will maintain rights for Greater China and plans to collaborate with Avenzo in global development.

Since its inception in 2021, VelaVigo has built an extensive pipeline of over ten First-in-Class/Best-in-Class multi-specific antibodies and ADC molecules for oncology and autoimmune diseases. It has also set up VelaVigo Bio, Inc. in the US to drive clinical development and partnership globally.

Under the terms of the agreement, VelaVigo will receive an upfront fee and potential near-term milestones upon option exercise by Avenzo of up to USD 50 Million. In addition, VelaVigo is eligible to receive future potential development, regulatory, and commercial milestone payments of up to approximately USD 750 Million in total, as well as tiered royalties on sales in Avenzo's territory. An IND application is planned for submission to the U.S. FDA and Chinese National Medical Products Administration (NMPA) in 2025.

VelaVigo is a leading antibody/ADC discovery and development biotech company with a highly efficient discovery engine and strong capabilities in translational medicine, CMC and early clinical development. Its leading products are expected to enter clinical development in the US and China in 2025. VelaVigo continues to build partnerships in clinical development, technology platforms, and with investors to maximize the efficiency of drug development and return on investment.

VelaVigo was founded in 2021 with a USD 50 Million investment, with its global R&D headquarters in Shanghai, and clinical and US operations in Boston.

TIBS participated in VelaVigo’s Series Angel funding round in December 2021.