Keymed Biosciences Unit Grants Exclusive License for Development, Commercialization of Tumor Drug

MT Newswires Live11-19

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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