VelaVigo Bio has landed its second deal in six months, offloading ex-China rights to a bispecific to Ollin Biosciences for up to $440 million.
Shanghai-based VelaVigo has been busy. The biotech granted Avenzo Therapeutics ex-China rights to a Nectin4xTROP2 bispecific antibody-drug conjugate in November, netting up to $50 million in upfront and near-term payments in the process. The value of the Avenzo deal could balloon to $750 million if it hits all the milestones. VelaVigo kept the news flowing in February by closing a $50 million financing round.
Now, the biotech has found a new home for VBS-102. U.S. biotech Ollin has put together a financial package worth up to $440 million once the upfront fee and development, regulatory and commercial milestones are considered. VelaVigo is also in line to receive tiered royalties on sales in Ollin's territory.
The deal gives Ollin near global rights to an asset, VBS-102, that VelaVigo said is a first-in-class bispecific. VelaVigo provided no additional details about the drug candidate in its statement.
Ollin has a low profile, too, but the little information available online suggests a focus on ophthalmology.
In January 2024, the company filed a trademark for “OLLIN” covering “pharmaceutical preparations for the treatment and prevention of ophthalmic diseases and conditions.” In addition, Ollin is funding research by a professor of ophthalmology at Duke University. The professor, who studies glaucoma, received the grant funding for a project called “testing additivity of two outflow targets.”
A brochure for an ophthalmology event in October 2023 lists (PDF) Jason Ehrlich as CEO of Ollin. Ehrlich, who left Kodiak Sciences’ C-suite in August 2023, lists himself as CEO of a new ophthalmology biotech on LinkedIn and was global head of clinical ophthalmology at Genentech earlier in his career.
Ollin is yet to disclose investors but has a link to Arch Venture Partners. Paul Berns, a managing partner at Arch, is a member of the board at Ollin. Atul Dandekar, an executive at the Arch-backed biotech Maze Therapeutics, co-founded Ollin.