Percheron Reboots with Global Rights to Hummingbird’s Phase II-Ready Cancer Drug

Percheron Therapeutics (ASX: PER) has emerged from a difficult stretch with a high-stakes bet on immuno-oncology, securing global rights to a promising antibody therapy, HMBD-002, from Singapore-based Hummingbird Bioscience. The exclusive licence marks a pivotal shift for the Melbourne-based biotech, which is repositioning itself around novel immune-targeting drugs following the collapse of its previous lead program in Duchenne muscular dystrophy.

Under the deal, Percheron will pay US$3 million upfront (A$4.6 million), with further milestone payments that could reach US$287 million (A$443 million), plus royalties on future sales. The asset, HMBD-002, has already cleared Phase I trials in the US, with data showing it is pharmacologically active and well-tolerated. Percheron expects to return the drug to clinical trials in calendar 2026.

HMBD-002 is a monoclonal antibody targeting VISTA (V-domain immunoglobulin suppressor of T-cell activation), an emerging immune checkpoint that regulates the body's ability to attack tumours. Unlike the better-known PD-1 or CTLA-4 pathways targeted by existing therapies like Keytruda or Opdivo, VISTA represents a potentially new lever to restore immune surveillance in cancer.

Percheron CEO Dr James Garner called the deal “a transformative step,” saying it repositions the company as a mid-clinical-stage player. “HMBD-002 has already completed a phase I human trial under the oversight of the US FDA, and our priority is now to chart its course through phase II and towards commercialisation,” he said. Garner also highlighted the lack of approved drugs targeting VISTA and noted the strong safety and synergy data with pembrolizumab in preclinical studies.

The licensing deal includes standard terms such as technology transfer, development batch supply, and joint development oversight, but Percheron will retain full authority over future clinical and commercial decisions. Importantly, HMBD-002 comes with an active IND in place with the US FDA, which should streamline the path to resuming trials.

For Hummingbird, the move aligns with a shift in strategic focus toward its HER3-targeted program and antibody-drug conjugate (ADC) pipeline. CEO Dr Piers Ingram noted that while HMBD-002 no longer fit the company’s direction, “we remain strong believers in the asset,” and look forward to its progress under Percheron’s stewardship.

While Percheron is yet to specify which cancer indications it will pursue, the flexibility of the VISTA mechanism opens options across multiple tumour types, particularly those resistant to first-generation immunotherapies. The company is expected to finalise its clinical development plan over the coming months and will update investors in Q3 2025.

For a company that only six months ago was reeling from a failed late-stage trial, the Hummingbird deal signals a reinvention. If HMBD-002 performs as hoped, Percheron could soon find itself back in the biotech spotlight, this time with a first-in-class immune-oncology asset leading the charge.