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Kinnate Biopharma Sells RAF inhibitor Exarafenib to Pierre Fabre Laboratories for $31M

NEW YORK – Kinnate Biopharma said on Friday it has sold its pan-RAF inhibitor, exarafenib, and other pan-RAF program assets to Pierre Fabre Laboratories in a deal worth $31 million.

Pierre Fabre Laboratories will pay Kinnate $500,000 at the closing of the deal and $30.5 million when either the first patient is dosed in a pivotal trial for exarafenib or any other acquired asset, when it applies for accelerated approval for exarafenib or another acquired asset, or when a marketing application is submitted for regulatory approval for exarafenib or any other acquired asset. Pierre Fabre Laboratories will also assume up to $5 million of trade payables for the transferred assets. The transaction is not subject to closing conditions and closed upon signing.

Kinnate said in September that it was pausing development of exarafenib as a monotherapy for BRAF-mutated solid tumors along with two other pipeline candidates, MEK inhibitor KIN-7136 and FGFR inhibitor KIN-3248. It would instead prioritize development of exarafenib in combination with Pfizer's MEK inhibitor Mektovi (binimetinib) in patients with NRAS-mutant melanoma, along with development of its c-MET inhibitor KIN-8741 and discovery efforts around its CDK4 selective program. The firm also said in September that it would seek "strategic alternatives" for exarafenib.

Pierre Fabre Laboratories, based in Castres, France, holds rights to Pfizer's BRAF inhibitor Braftovi (encorafenib) and Mektovi in Europe and Asia-Pacific countries.

"The addition of exarafenib and other pan-RAF program assets from Kinnate is complementary to our existing BRAF and MEK inhibitors portfolio with encorafenib and binimetinib," Francesco Hofmann, head of research and development for medical care at Pierre Fabre Laboratories, said in a statement. "This acquisition continues to expand our efforts in precision oncology and provide us with the opportunity to broaden our reach to patients in need for targeted therapies in RAF and RAS solid tumors."

Earlier this month, Kinnate said it would be acquired by XOMA Corporation for between approximately $2.34 and $2.59 per share in cash. The firm said on Friday that Kinnate stockholders will receive 100 percent of the net proceeds from the $30.5 million contingent payment from Pierre Fabre Laboratories.