Sino Biopharmaceutical (HKG:1177) subsidiary Chia Tai Tianqing Pharmaceutical Group obtained an exclusive sub-licensable license to register, develop, produce, and commercialize Wuhan YZY Biopharma's (HKG:2496) cancer drug in mainland China.
The drug M701 is indicated for the treatment of malignant pleural effusion (MPE) and malignant ascites (MA) caused by tumors. It is in stage 3 clinical trials and has shown good results by inciting the immune system to kill cancer cells in abdominal and chest cavities.
Chia Tai will pay 315 million yuan upfront, plus up to 700 million yuan in sales milestone payments, and tiered royalties to YZY Biopharma, a Tuesday Hong Kong bourse filing said.
The pharmaceutical company's shares closed nearly 7% lower on Tuesday.
Price (HKD): $3.85, Change: $-0.28, Percent Change: -6.78%
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