Analysis 8/16/23
Surveying great inventors and businesses
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Adimab model for RNA
RNA therapeutics are beginning to have repeatable success in the clinic. With RNAi taking the lead in terms of approvals. However, IP for chemical modifications, delivery, formulation are becoming (temporary) barriers for new entrants.
Over time, maybe 5-10 years, the patent landscape will clear up. In the meantime, there is a window of opportunity for a company to solve the intellectual property conflicts that exist and offer a technology that others can license. For RNA, it is mainly for LNPs, conjugations, and mRNA modifications.
Adimab was founded in 2007 and has built an enduring antibody discovery business. Licensing their technology and antibodies to >100 companies. Building a profitable business worth well over $1B. And getting there in a capital efficient way (i.e. minimal dilution). Early-on, Tillman Gerngross (CEO) was joined by a Dartmouth student, Errik Anderson, to scour through antibody humanization patent literature. Figuring out workarounds for their technology. Along the way they identified Dane Wittrup as someone with key IP around yeast display and brought him on board as the 3rd founder. This set up Adimab to provide biopharma companies access to a high-quality humanization platform without potentially infringing on other company’s claims.
Various RNA therapeutics have made it into clinical trials. From siRNA and ASOs to mRNA. Approved for amyloidosis, Duchenne muscular dystrophy & spinal muscular atrophy. And as vaccines for COVID-19. With RNAi approaches working to inhibit protein production. mRNA to restore protein production. Importantly, the entire modality is programmable: once delivery for an organ/tissue can be figured out, the upfront cost can be amortized across many targets. RNA can also be useful to generate protective variants (i.e. LoF PCSK9) given RNA therapeutics are transient and non-permanent while long-acting enough to help patients where frequent doses are burdensome.
As companies like Alnylam, BioNTech, and Moderna have become more successful, access to RNA technologies has increased in demand. New fundraising rounds for startups. Business development deals on the pharma side. Given this backdrop of early clinical validation for a new modality, someone will likely step up to do what Adimab did in antibodies for RNA. It might only be natural for Errik Anderson to do it as Founder & CEO of Alloy Therapeutics expanding into ASOs.