JACOBIO-B (01167) announced that its non-wholly owned subsidiary, Beijing JACOBIO Pharmaceuticals, has entered into a licensing and collaboration agreement with AstraZeneca PLC (AZN) to develop and commercialize the pan-KRAS inhibitor JAB-23E73.

Under the terms of the agreement, AstraZeneca will receive an exclusive global license (excluding mainland China, Hong Kong SAR, Macau SAR, and Taiwan) to research, develop, register, manufacture, and commercialize JAB-23E73. AstraZeneca will bear all costs and activities related to further development and commercialization in its designated region.

For mainland China (excluding Hong Kong SAR, Macau SAR, and Taiwan), the licensed product will be jointly developed and commercialized by both parties under a governance framework outlined in the agreement.

Beijing JACOBIO is entitled to receive an upfront payment of $100 million from AstraZeneca and may be eligible for additional milestone payments of up to $1.915 billion upon achieving certain development, regulatory, and commercial milestones.

Furthermore, upon successful commercialization of the licensed product, Beijing JACOBIO will receive tiered royalties based on net sales.