Celltrion–MustBio Collaborate on PD-1×VEGF×IL-2v Cancer Therapy

Celltrion announced on October 31st that it has signed a joint research and development agreement with MustBio, a South Korean multi-antibody developer, to co-develop a next-generation immuno-oncology drug candidate.

Under the agreement, Celltrion secured joint development and global commercialization rights for a PD-1 x VEGF x IL-2v triple-fusion protein. Celltrion will lead the full development program—from preclinical studies and cell-line development to clinical trials, regulatory approvals, and commercialization. MustBio will apply its multi-antibody and IL-2 variant–based cytokine platforms to design and discover the candidate and carry out early-stage research, including initial animal efficacy tests.

Celltrion will pay MustBio an upfront fee of $2.04 million. The total deal value amounts to up to $485 million, including $26.9 million in development milestones and $456 million in commercialization milestones, based on achieving approximately $4.98 billion in cumulative net sales. Upon commercialization, Celltrion will also pay a 5% royalty on net sales.

The jointly developed PD-1 x VEGF x IL-2v molecule is designed to overcome key limitations of current immunotherapies through three synergistic mechanisms in a single structure: PD-1 inhibition to improve immune recognition of cancer cells, VEGF blockade to suppress tumor angiogenesis, and an IL-2 variant to enhance immune activation with reduced systemic toxicity.

Celltrion expects this triple-fusion approach to deliver differentiated competitiveness in the increasingly crowded PD-(L)1 immunotherapy field, where bispecific and multi-functional immune-activating technologies continue to evolve.

A Celltrion official stated, “Through this collaboration, we have secured a differentiated triple-fusion immuno-oncology pipeline that can lead the next generation of cancer therapies. Leveraging Celltrion’s antibody capabilities, we will focus on selecting the optimal candidate and accelerating development to deliver a best-in-class treatment.”