KEYMED BIO-B and Belenos enter into an exclusive licensing agreement for CM512 and CM536

Zhitong
2024.07.09 00:32
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KEYMED BIO-B has entered into an exclusive licensing agreement with Belenos for CM512 and CM536. According to the agreement, Belenos will obtain the exclusive rights to CM512 and CM536 globally (excluding Greater China) and will pay KEYMED BIO-B a $15 million upfront payment and milestone payments. KEYMED BIO-B also has the opportunity to receive up to an additional $170 million. In addition, KEYMED BIO-B will receive tiered royalties on net sales. This agreement will strengthen KEYMED BIO-B's global collaboration network and enhance the value of its technology platform

According to the news from Zhitong Finance and Economics APP, KEYMED BIO-B (02162) announced that on July 9, 2024, Keymed Biomedical Technology (Chengdu) Co., Ltd. (a wholly-owned subsidiary of the Group) has entered into a licensing agreement with Belenos Biosciences, Inc. The license agreement grants Belenos the exclusive rights to develop, manufacture, and commercialize the group's candidate drugs CM512 and CM536 globally (excluding Greater China). CM512 and CM536 are both dual-specific antibodies developed independently by Keymed.

Under the terms and conditions of the license agreement, Belenos is granted the exclusive license for research, development, registration, production, and commercialization of CM512 and CM536 in the licensed territories. As consideration, Chengdu Keymed will receive an upfront payment and near-term payments totaling USD 15 million, while One Bridge Hong Kong Holdings Limited (a wholly-owned subsidiary of the Group) will receive approximately 30.01% equity in Belenos. Upon achieving certain development, regulatory, and commercial milestones, Chengdu Keymed may also receive additional payments of up to USD 170 million. During a specified period starting from the first commercial sale of CM512 and CM536, Chengdu Keymed also has the right to receive tiered royalties on net sales from Belenos. Unless otherwise agreed, Belenos will be responsible for bearing all costs related to the development, regulatory, and commercialization activities of CM512 and CM536 in the licensed territories.

In relation to the license agreement, Belenos and Chengdu Keymed will enter into a supply agreement, under which Belenos will have the right to purchase the required quantities of CM512 and CM536 from Chengdu Keymed or its contract manufacturers for conducting clinical trials.

The Board believes that entering into the license agreement is in the overall best interests of the company and its shareholders. The Group will also take this opportunity to further strengthen its global cooperation network through its innovative collaboration model and maximize the scientific and commercial value of the Group's technology platform

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