30th Mar 2023 09:27
(Alliance News) - AstraZeneca PLC on Thursday said it has completed an exclusive global license agreement with KYM Biosciences Inc for its CMG901 treatment.
The Cambridge, UK-based pharmaceutical company said the agreement is for an exclusive global license for the research, development, manufacture and commercialisation off CMG901 for USD63 million.
The agreement includes potential development and sales-related milestone payments of up to USD1.1 billion and tiered royalties up to low double digits, AstraZeneca noted.
The firm added that the transaction won't affect its financial guidance or 2023.
The company said CMG901 is a potential first-in-class antibody drug conjugate targeting Claudin 18.2-positive solid tumours, which are a prominent target in gastric cancers.
CMG901 is currently undergoing a phase 1 trial, with preliminary results indicating early signs of anti-tumour activity across the dose levels tested.
AstraZeneca shares rose 0.2% to 11,182.64 pence each in London on Thursday morning.
By Harvey Dorset, Alliance News reporter
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