BioInvent has entered into an option and license agreement with American Exelixis with a focus on the identification and development of new antibodies for immuno-oncology treatments. The agreement gives Exelixis the right to select up to three immuno-oncology antibodies using Bioinvent's proprietary F.I.R.S.T. platform and n-CoDeR library. Exelixis pays 25 million USD upfront, and, if they choose to in-license a candidate, a licensing deal is triggered that includes milestone payments and royalties.