BioNTech SE BNTX (+11.63%) announced Monday that it entered into a partnership agreement with Shanghai-based Duality Biologics in order to accelerate the development of antibody drug conjugates for patients with cancer and other autoimmune diseases. This agreement includes two ADC assets. It gives Duality Biologics an exclusive license to manufacture, market, and distribute them worldwide, except Mainland China, Hong Kong, Macau, and Macau. ADCs will be added to BioNTech’s oncology portfolio. This collaboration is intended to support BioNTech’s mission of creating highly effective therapies for patients with cancer at all stages of the disease. ADCs are cancer therapies that combine anti-cancer drugs with powerful cell-killing properties such as chemotherapy or other anticancer agents. DualityBio will receive $170 million in upfront payments and may be eligible for additional $1.5 billion if it reaches certain commercial and regulatory milestones. Future sales will also qualify DualityBio for royalties. BioNTech stock fell 10% in premarket, and by the end of the 12 months the S&P 500 SPX, +1.44%, was down 30%.