Janssen has entered into a global collaboration and license agreement with Legend Biotech USA and Legend Biotech Ireland to develop, manufacture and commercialise experimental CART-cell therapy LCAR-B38M.

LCAR-B38M, which specifically targets the B-cell maturation antigen (BCMA), a protein highly expressed on myeloma cells, is currently under review by regulators in China and in the planning phase of clinical studies in the US for multiple myeloma.

Under terms of the deal, in return for an upfront fee of $350 million, Janssen has gained a worldwide license to jointly develop and commercialise LCAR-B38M in multiple myeloma with the Legend team of experts.

Legend also stands to receive additional payments based upon the achievement of certain development, regulatory and sales milestones.

The companies have entered into a 50/50 percent cost-sharing/profit-split arrangement, except in Greater China, where Janssen and Legend have a 30/70 percent cost-sharing/profit-split arrangement.

"Despite significant advances, multiple myeloma remains an incurable disease for most patients, creating the need for additional, highly active options. LCAR-B38M provides an innovative approach with the potential to transform the treatment of myeloma," said Peter Lebowitz, global therapeutic area head, Oncology, Janssen Research & Development.

The Legend companies are subsidiaries of Chinese investment holding company Genscript Biotech Corporation.