News provided by OBI Pharma
OBI is eligible to receive up to US$ 200 million in total milestone payments and tiered double-digit royalties on net sales.
OBI Pharma, Inc. (OBI), a Taiwan biopharma company (TPEx: 4174), and Odeon Therapeutics (Odeon), a China biopharma company, have entered into an exclusive license agreement whereby OBI grants rights of OBI-999, a novel antibody-drug conjugate, and OBI-833, a therapeutic cancer vaccine, targeting the tumor antigen Globo H in China, Hong Kong and Macau to Odeon.
Under the terms of the agreement, OBI will grant Odeon exclusive rights to develop, register and commercialize OBI-999 and OBI-833 for human cancer therapy in China, Hong Kong and Macao. Odeon will issue to OBI fully paid equity equivalent to US$ 12 million upon signing. OBI is eligible for development and commercialization milestones totaling up to US$ 188 million. The company is also eligible to receive tiered double-digit royalties on net sales. Odeon will also be responsible for all development costs and all subsequent regulatory and commercialization costs of OBI-999 and OBI-833 in China, Hong Kong and Macao.
"As a first-in-class ADC product targeting Globo H, OBI-999 has recently completed its Phase 1 study, showing excellent safety and PK profile. OBI-833 has also demonstrated great potential to become a differentiated immune-oncology therapeutic vaccine by activating the human immune system against the tumor antigen Globo H," said Tim Xiao, Chief Executive Officer of Odeon Therapeutics, "We look forward to working closely with OBI to bring these new treatment options to patients in China."
"We are excited to announce the license agreement which enables Odeon to develop, register and commercialize novel 1st-in-class anti-Globo H targeted Oncology therapeutics, OBI-999 and OBI-833 in China, Hong Kong and Macau," stated Kevin Poulos, Chief Commercial Officer OBI Pharma. "We look forward to partnering with Odeon to advance OBI-999 and OBI-833 to clinical development in the near future and potentially provide alternative novel options for cancer patients."
More information: www.obipharma.com