A joint venture with Keymed Biosciences (HKG:2162) and InnoCare (HKG:9969, SHA:688428) unit Beijing InnoCare Pharma Tech signed a license agreement with Prolium to develop the CM355 drug for tumors.
Under the license deal, Prolium will obtain exclusive rights to develop, register, manufacture, and commercialize the drug outside of Asia, according to a Monday filing with the Hong Kong Exchange.
Keymed's Chengdu unit and Innocare Unit Beijing InnoCare will be entitled to upfront and near-term payments of $17.5 million, up to $502.5 million in additional payments, and tiered royalties on net sales from Prolium based on their respective interests in the Beijing Tiannuojiancheng Pharma Tech joint venture.
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