Regeneron and CytomX Therapeutics have entered into a collaboration and licensing agreement, worth up to US$ 2 B, to develop next-generation bispecific immunotherapies for oncology indications. Through the deal, the companies will leverage CytomX's Probody® therapeutic platform with Regeneron's Veloci-Bi® bispecific antibody development platform. The deal comes a few months after CytomX announced a company restructuring, shedding 40% of its workforce following disappointing Phase II results from its breast cancer drug, praluzatamab ravtansine.