UroGen Pharma has broadened its oncology pipeline by acquiring IconOVir Bio’s assets related to the oncolytic virus ICVB-1042.

The company issued $4m in ordinary shares and additionally agreed to a one-time cash payment of $15m to IconOVir upon reaching a cumulative aggregate global net sales milestone for all candidates.

It will pay IconOVir a low, single-digit percentage royalty on a product-by-product basis on annual worldwide net sales of each ICVB product.

UroGen Pharma CEO and president Liz Barrett stated: “UroGen’s long-term growth strategy is built on advancing our uro-oncology pipeline, expanding our portfolio and driving innovation in cancer treatment.

“The acquisition of ICVB-1042, a next-generation investigational oncolytic virus, marks a significant milestone in our plan to develop novel, locally administered therapies for bladder and other cancers.

“Through targeted acquisitions and research collaborations, we are strengthening UroGen’s leadership in oncology and laying the foundation for sustained innovation and growth.”

Similar to Bacillus Calmette-Guérin (BCG) therapy, ICVB-1042 is being developed for immune system activation in the tumour microenvironment.

Compared to BCG, it has the potential to selectively kill cancer cells while triggering an immune response.

The company has also initiated several research partnerships to investigate its RTGel technology in improving the clinical efficacy of various immunotherapies.

UroGen's RTGel reverse-thermal hydrogel is a technology tailored to enhance the therapeutic profiles of current drugs. The technology could allow prolonged exposure of the urinary tract tissue to medications.

Headquartered in the US, the company also operates in Israel.

In October 2024, UroGen secured a new drug application (NDA) acceptance from the US Food and Drug Administration for its UGN-102 (mitomycin) to treat low-grade intermediate-risk non-muscle invasive bladder cancer.