Shots:

• Xencor gets the right to acquire additional Zenas equity & is also eligible to receive ~$480M upon achievement of clinical development, regulatory & commercialization milestones along with royalties of obexelimab
• Zenas get an exclusive global right to develop, manufacture & commercialize obexelimab & will be responsible to advance the research, development, regulatory & commercial activities of obexelimab globally
• The acquisition will bolster Zenas’s pipeline with the addition of obexelimab in its portfolio for autoimmune diseases. Obexelimab is a bifunctional Abs that targets CD19 with its variable domain and uses Xencor's XmAb immune inhibitor Fc domain to target FcγRIIb

Ref:Xencor | Image: Xencor