Xencor finally finds buyer for onetime lead drug, offloading autoimmune asset to Tesaro co-founder in backloaded deal

Xencor has finally found a buyer for its autoimmune disease bispecific antibody obexelimab. Almost three years after deciding to partner the drug in the wake of a failed phase 2, Xencor has offloaded the asset to Zenas BioPharma in a backloaded deal worth up to $480 million.