Xencor has sold to Zenas BioPharma the exclusive rights to develop, manufacture and commercialize the investigational antibody obexelimab. The drug is a potential therapy for the treatment of COVID-19. Zenas will issue Xencor a warrant entitling it to acquire its additional shares, which will increase Xencor's stake in Zenas to 15%. Xencor will also receive up to $480 million if it reaches certain milestones in clinical development of the drug.