Hummingbird Biosciences Inks $290M Deal with Percheron for VISTA-Targeting Cancer Drug

Hummingbird Biosciences has entered into a lucrative licensing agreement with Percheron Therapeutics for its phase 2-ready cancer drug, HMBD-002. The deal, announced on June 25, 2025, could be worth up to $290 million in upfront and potential milestone payments.

HMBD-002: A Promising Anti-VISTA Antibody

HMBD-002 is an anti-VISTA monoclonal antibody designed to inhibit tumor growth. VISTA, which stands for V-type immunoglobulin domain-containing suppressor of T-cell activation, is a checkpoint inhibitor present on naïve T cells. It plays a crucial role in maintaining T cell dormancy and tolerance of self-antigens.

The antibody has been engineered to inhibit VISTA and neutralize its immunosuppressive activity while allowing VISTA-expressing cells to continue functioning effectively in the immune system. This unique mechanism of action has garnered significant interest in the oncology community.

Hummingbird has already completed a phase 1 study of HMBD-002 in the United States. The results were promising, with the drug demonstrating pharmacological activity and a favorable safety profile. According to the company, HMBD-002 was "generally safe and well-tolerated" in the initial clinical trial.

Strategic Implications for Percheron and Hummingbird

For Percheron Therapeutics, an Australian biotech company, the acquisition of HMBD-002 represents a significant addition to its pipeline. CEO James Garner revealed that HMBD-002 was selected "out of more than a hundred individual drug candidates from more than 70 companies," underscoring the potential value of this asset.

Percheron is now poised to advance HMBD-002 into phase 2 clinical trials, with studies expected to commence next year. Garner expressed optimism about the program, stating, "We very much hope that this exciting program can bring meaningful benefit to patients confronting the enormous challenge of a cancer diagnosis."

From Hummingbird's perspective, the deal provides substantial financial upside while allowing the company to focus on other pipeline assets. Piers Ingram, Ph.D., CEO of Hummingbird Biosciences, highlighted the scientific rationale behind HMBD-002, noting, "Given the potential benefits of VISTA blockade in multiple cancers that have strong evidence of VISTA-mediated immune suppression, HMBD-002 is a scientifically compelling asset for both monotherapy and combination approaches."

VISTA: A Competitive Landscape

The licensing of HMBD-002 comes amid growing interest in VISTA as a target for cancer immunotherapy. Several other companies have been actively pursuing VISTA-targeted approaches:

1. Johnson & Johnson previously collaborated with ImmuNext on an anti-VISTA antibody called JNJ-61610588. However, the rights were returned to ImmuNext after a phase 1 study reported a case of cytokine release syndrome.

2. ImmuNext subsequently partnered with Curis to advance the program into clinical trials for solid tumors.

3. Sensei Biotherapeutics reported encouraging results from a phase 1/2 study of its anti-VISTA antibody in 2023, claiming "potentially best-in-class pharmacokinetics and encouraging cytokine release profile across multiple dose cohorts."

As the field becomes increasingly competitive, the success of HMBD-002 in upcoming clinical trials could have significant implications for both Percheron Therapeutics and the broader landscape of VISTA-targeted cancer therapies.