Nanobiotix Secures $71 Million Royalty Financing to Advance Cancer Nanotherapy Through 2028
核心洞察
Nanobiotix announced a strategic royalty monetization agreement with HealthCare Royalty (搜索) providing up to $71 million in non-dilutive capital, extending the company's cash runway into early 2028.
The financing enables continued development of JNJ-1900 (NBTXR3), a first-in-class hafnium oxide nanoparticle therapy activated by radiotherapy, beyond key milestones in head and neck cancer and lung cancer trials.
HealthCare Royalty (搜索) will receive capped milestone payments and royalties from JNJ-1900 sales, with repayment subject to caps of $124-178 million depending on timing.
Nanobiotix, a late-stage clinical biotechnology company pioneering physics-based cancer treatments, has secured up to $71 million in non-dilutive financing through a strategic royalty monetization agreement with HealthCare Royalty (搜索) (HCRx). The deal extends the company's cash runway into early 2028 and provides financial foundation for advancing its novel nanotherapy platform beyond critical clinical milestones.
The financing structure includes an upfront payment of $50 million at closing, with an additional $21 million expected one year later subject to meeting certain conditions. This capital injection enables Nanobiotix to continue development of its lead asset JNJ-1900 (NBTXR3) through key trials in head and neck cancer and lung cancer.
"This non-dilutive financing reflects our commitment to preserving long-term shareholder value, while strategically aligning capital to unlock the full potential of our nanotherapeutics platforms," said Bart van Rhijn, Chief Financial and Business Officer at Nanobiotix. "Importantly, this funding provides the resources to advance the company through critical potential milestones that will lead to self-sustainability and durable value creation."
Novel Physics-Based Cancer Treatment Approach
JNJ-1900 (NBTXR3) represents a potentially first-in-class oncology product composed of functionalized hafnium oxide nanoparticles administered via one-time intratumoral injection and activated by radiotherapy. The therapy's mechanism of action is designed to induce significant tumor cell death in the injected tumor when activated by radiotherapy, subsequently triggering adaptive immune response and long-term anti-cancer memory.
The product candidate achieved proof-of-concept in soft tissue sarcomas through a successful randomized Phase 2/3 study in 2018. Given its physical mechanism of action, Nanobiotix believes JNJ-1900 could be scalable across any solid tumor treatable with radiotherapy and compatible with various therapeutic combinations, particularly immune checkpoint inhibitors.
The development program is led by NANORAY-312, a global randomized Phase 3 study in locally advanced head and neck squamous cell cancers. In February 2020, the FDA granted Fast Track designation for investigating JNJ-1900 activated by radiation therapy, with or without cetuximab, for treating patients with locally advanced head and neck squamous cell carcinoma who are not eligible for platinum-based chemotherapy.
Strategic Partnership Terms and Repayment Structure
Under the agreement terms, HCRx will receive a capped portion of milestones and royalties on JNJ-1900 sales payable to Nanobiotix under its global licensing agreement with Janssen Pharmaceutica NV, a Johnson & Johnson company. The success-based remuneration includes repayment from a defined portion of royalties on the first $1 billion of net sales and certain regulatory and commercial milestone payments.
The repayment structure features a cap of approximately $124 million (1.75x Multiple on Invested Capital) if completed by end of 2030, increasing to approximately $178 million (2.50x MOIC) if repayment occurs thereafter. Following achievement of the Return Cap, a royalty-only tail period will commence, entitling HCRx to a reduced share of royalties not exceeding $14.9 million per year for 10 years following first commercial sale in the US.
"We are excited to partner with Nanobiotix at this pivotal stage of its growth," said Clarke Futch, Chairman and Chief Executive Officer at HCRx. "The differentiated nature of their physics-based approach and the compelling clinical profile of JNJ-1900 (NBTXR3) align with our mission of supporting innovative therapies that address areas of significant unmet need."
Expanding Clinical Development Portfolio
Nanobiotix has pursued a collaboration strategy to expand JNJ-1900 development in parallel with priority pathways. In 2019, the company entered into a comprehensive clinical research collaboration with The University of Texas MD Anderson Cancer Center to sponsor several Phase 1 and Phase 2 studies evaluating the therapy across tumor types and therapeutic combinations.
The 2023 license agreement with Janssen Pharmaceutica NV established global co-development and commercialization rights for JNJ-1900. Radiotherapy-activated JNJ-1900 is currently being evaluated across multiple solid tumor indications as both single agent and combination therapy, with the CONVERGE lung cancer trial representing another key development pathway.
Financial Foundation for Long-Term Growth
The extended cash runway does not include potential milestone payments from the JNJ-1900 licensing agreement. Nanobiotix continues to expect receiving first potential milestone payments related to clinical development in head and neck cancer and lung cancer within the extended timeframe, establishing financial foundation for self-sustaining long-term growth.
Founded in 2003 and headquartered in Paris, Nanobiotix is listed on Euronext Paris and Nasdaq Global Select Market. The company owns more than 25 umbrella patents associated with three nanotechnology platforms with applications in oncology, bioavailability and biodistribution, and central nervous system disorders.
HealthCare Royalty (搜索), founded in 2006 and majority owned by KKR & Co. Inc. (搜索), has developed a track record of investing in commercial-stage and near-commercial-stage biopharmaceutical assets, committing over $7 billion across more than 110 biopharmaceutical products. TD Cowen (搜索) acted as sole financial advisor to Nanobiotix for this transaction.