Keymed Biosciences (HKG:2162) unit Keymed Biosciences (Chengdu) has agreed to grant Platina Medicines the exclusive right to develop, manufacture, and commercialize CM336 globally, excluding Mainland China, Hong Kong, Macau, and Taiwan, a Nov. 17 bourse filing said.
The drug company will receive an upfront and near-term payment of $16 million under the contract and a minority equity interest in Delaware-incorporated Ouro Medicines, the parent company of Platina Medicines.
The firm may also receive additional milestone payments of up to $610 million, as well as tiered royalties on net sales of the drug and related products.
Under the agreement, UK-incorporated Platina Medicines will also source clinical supply of CM336 from Keymed Biosciences.
CM336 is a bispecific antibody used to treat patients with relapsed or refractory multiple myeloma.
Shares of the company were up nearly 2% in recent trade.
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