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2016-12-21

BioInvent: BioInvent announces Cancer Immunotherapy Research Collaboration and License Agreement with Pfizer and issues new shares to Pfizer

Pfizer makes a $6 million equity investment in new shares in BioInvent

Lund, Sweden - 21 December 2016 - BioInvent International AB
("BioInvent") (OMXS: BINV), a biotech company focused on the
discovery and development of novel immuno-regulatory antibodies to
treat cancer, announces that it has entered into a cancer
immunotherapy research collaboration and license agreement with
Pfizer Inc. ("Pfizer") (NYSE: PFE) to develop antibodies targeting
tumour-associated myeloid cells.

Under the terms of the deal, Pfizer will pay BioInvent approximately
$10 million in early payments, including an upfront payment, early
research funding, and a $6 million equity investment in new shares of
BioInvent at a subscription price of SEK 2.56 per share, which
corresponds to an approximately 30% premium to the average volume
weighted price for the share during the 10 trading days prior to 21
December 2016.

Assuming five antibodies are developed through to commercialization,
BioInvent would be eligible for potential future payments related to
certain development milestones, which could amount to more than $0.5
billion through the term of the deal, as well as up to double digit
royalties related to any potential products that may result from the
collaboration. Pfizer will have the right to develop and
commercialize any antibodies generated to an undisclosed number of
tumour-associated myeloid cell targets.

Commenting on the agreement, Michael Oredsson, CEO of BioInvent said:
"We are very pleased to announce this discovery and development
collaboration with Pfizer which will leverage our cancer antibody
biology and immuno-oncology expertise. We are looking forward to
working with Pfizer to deliver a number of first-in-class antibodies
to potentially treat a range of cancer indications addressing unmet
patient needs."

BioInvent will leverage its cancer biology expertise, combined with
its unbiased translational drug discovery approach ("F.I.R.S.T"), to
identify novel oncology targets and therapeutic antibodies that
inhibit cancer growth either by reversing the immunosuppressive
activity of tumour-associated myeloid cells or by reducing the number
of tumour-associated myeloid cells in the tumour.

"We believe co-targeting of tumour-associated myeloid cells has the
potential to significantly improve the efficacy of currently
available checkpoint inhibitor therapies, and may help activate
anti-cancer immunity in currently non-responding patients and cancer
types" said Björn Frendéus, CSO of BioInvent.

"We look forward to collaborating with BioInvent, as we believe that
modulating the activity of tumour-associated myeloid cells presents
an opportunity to help us expand our portfolio in oncology and
ultimately deliver on our mission to bring innovative new medicines
to cancer patients," said Robert Abraham, Ph.D., Senior Vice
President and Head of Pfizer's Oncology Research & Development Group,
Pfizer.

Directed Share Issue
As part of the agreement, the Board of Directors of BioInvent on 21
December 2016 resolved, based on the authorization of the annual
general meeting on 12 May 2016, on a directed issue of 21,973,594 new
shares to Pfizer at a subscription price per share of SEK 2.56,
corresponding to a total investment of $6 million. The subscription
price corresponds to an approximately 30% premium to the average
volume weighted price for BioInvent's share during the 10 trading
days prior to 21 December 2016. The reason for the derogation from
the shareholders' preferential right is that the investment, in
addition to providing BioInvent with new capital, brings Pfizer as a
new strategic partner, in alignment with shareholders' interests as a
new shareholder.

As a result of the new share issue, the number of shares in BioInvent
will increase from 282,721,619 shares to 304,695,213 shares, and the
share capital will increase from 22,617,730 to 24,375,617. The new
shares are expected to be registered with the Swedish Companies
Registration Office and admitted for trade on Nasdaq Stockholm on 28
December 2016. Pfizer have undertaken, on customary terms and
conditions, not to sell or otherwise dispose of the shares of the
investment during a period of 90 days from the share issue. Following
the directed share issue, Pfizer will own approximately 7,2% of
BioInvent's share capital.

Notes to editors:

About Tumour-associated myeloid cells
Tumour-associated myeloid cells are present in the tumour
micro-environment where they contribute to the immunosuppressive
activities that enable the development and persistence of solid
tumours as well as metastatic dissemination. It has been shown that
myeloid cell content, and over expression of myeloid
chemo-attractants, correlates with poor prognosis in many cancer
types.

In contrast to T cells, which are thought to be principal targets for
currently available checkpoint inhibitor therapies, myeloid cells
belong to the innate immune system. Optimal anti-cancer immune
responses require both innate and adaptive (including T cell
mediated) arms of immunity to be activated, and to co-operate, to
eradicate cancer cells. This forms the basis for improved anti-cancer
therapy by co-targeting of tumour-associated myeloid cells and
checkpoint inhibitors.

About BioInvent
BioInvent International AB (OMXS: BINV) is focused on the discovery
and development of novel and first-in-class immuno-regulatory
antibodies to treat cancer. The Company's clinical programmes are
BI-1206, currently in a Phase I/II for non-Hodgkin's lymphoma and
chronic lymphatic leukaemia and TB-403, in cooperation with
Oncurious, currently in Phase I/II for medulloblastoma. BioInvent has
an exciting pre-clinical portfolio based on novel immuno-modulatory
antibodies that target regulatory T cells (T-regs) and
tumour-associated myeloid cells. In December 2016, the Company signed
a strategic research collaboration with Pfizer Inc. BioInvent also
works with leading academic institutions including the University of
Southampton, Cancer Research UK, and Penn Medicine. BioInvent
generates revenues from global partnerships, including Bayer Pharma,
Daiichi Sankyo, and Mitsubishi Tanabe Pharma and from its
manufacturing facility for the production of antibodies for research
through to late-stage clinical trials.

For further information, please contact:
Michael Oredsson
President and CEO
+46 (0)46 286 85 67
+46 (0)707 16 89 30
michael.oredsson@bioinvent.com
Citigate Dewe Rogerson
David Dible/Katja Stout/ Marine Perrier
+44 (0)20 7638 9571
katja.stout@citigatedr.co.uk

BioInvent International AB (publ)
Co. reg. No. 556537-7263
Visiting address: Sölvegatan 41
Mailing address: 223 70 LUND
Phone: +46 (0)46 286 85 50
www.bioinvent.com

The press release contains statements about the future, consisting of
subjective assumptions and forecasts for future scenarios.
Predictions for the future only apply as the date they are made and
are, by their very nature, in the same way as research and
development work in the biotech segment, associated with risk and
uncertainty. With this in mind, the actual outcome may deviate
significantly from the scenarios described in this press release.

This information is information that BioInvent International AB is
obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of
the contact person set out above, at 8.00 a.m. CET, on 21 December,
2016.

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http://mb.cision.com/Main/583/2154582/606772.pdf

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