Xencor Inc (Nasdaq:XNCR), a clinical-stage biopharmaceutical company, announced on Friday the closing of its research collaboration and license agreement with Genentech, a member of the Roche Group, following the expiration of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976.

The company said it entered into the agreement Genentech to develop and commercialise novel IL-15 cytokine therapeutics, including XmAb 24306, an IL-15/IL-15Ra cytokine complex engineered with Xencor's bispecific Fc domain and Xtend Fc technology.

This agreement is effective as of 8 March 2019 and the related USD120m upfront payment by Genentech to Xencor is due within 30 days of the effective date.

Xencor is developing engineered monoclonal antibodies for the treatment of autoimmune diseases, asthma and allergic diseases and cancer. Currently, 12 candidates engineered with Xencor's XmAb technology are in clinical development internally and with partners.