AstraZeneca to pay KYM $63M upfront in license deal for potential gastric cancer therapy
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AstraZeneca (NASDAQ:AZN) and KYM Biosciences signed a licensing agreement for an antibody drug conjugate (ADC) CMG901 aimed at treating gastric cancer.
Under the agreement, AstraZeneca will pay to KYM $63M upfront on closing, and development and sales-related milestone payments of up to $1.1B, plus royalties.
AstraZeneca said it will be responsible for the research, development, manufacture and sales of CMG901 globally.
The British pharma giant added that CMG901 is currently being evaluated in a phase 1 trial to treat Claudin 18.2-positive solid tumors, including gastric cancer.
"We are excited by the opportunity to accelerate the development of CMG901, a potential new medicine for patients with Claudin18.2-expressing cancers. CMG901 strengthens our growing pipeline of antibody drug conjugates and supports our ambition to expand treatment options and transform outcomes for patients with gastrointestinal cancers," said Puja Sapra, senior vice president, Biologics Engineering & Oncology Targeted Delivery, Oncology R&D, at AstraZeneca.
The transaction is expected to close in H1 2023, subject to conditions and regulatory clearances.
AstraZeneca noted that the transaction does not impact its financial guidance for 2023.
KYM Biosciences is a joint venture established by affiliates of Keymed Biosciences and Lepu Biopharma, the company added.
AZN -1.51% to $67.81 premarket Feb. 23