UK companies Centauri Therapeutics and Horizon Discovery have formed a joint venture targeting the rapidly growing immuno-oncology market.

The newly formed company Avvinity Therapeutics will use Centauri’s proprietary Alphamer technology as a platform to discover and develop novel immuno-oncology therapeutics for both solid tumors and leukemias, combined with Horizon’s capabilities in gene-editing, immunology, oncology and drug discovery.

Centauri’s CEO Mike Westby noted that Alphamers, molecular “homing beacons” that attract pre-existing antibodies to attack pathogens, are an entirely novel way to target disease. In particular, cancer indications that have so far proved intractable represent an “exciting new approach” for recruiting host immunity, he said.

Horizon will invest up to £5.3 million in the venture, with an initial outlay of £2.5 million. The investment is seen as a strategic move by the company to capture the upside potential of its intellectual property, platform technologies and expertise.

Avvinity will be eyeing an immuno-oncology market that is currently worth £25 billion per year and expected to grow to around £50 billion per year by 2020.