Apollomics (APLM) and LaunXP International said Monday that they signed a development and commercialization agreement in Asia covering Apollomics' vebreltinib c-Met inhibitor for the treatment of non-small cell lung cancer.
The deal entitles Apollomics to receive $10 million in upfront payments within 60 days in exchange for granting LaunXP exclusive development and commercialization rights over vebreltinib, in combination with an EGFR inhibitor, in Asia excluding mainland China, Hong Kong, and Macau, the companies said.
Apollomics will also be entitled to up to $50 million in milestone payments, as well as royalties on net product sales, the companies added.
Vebreltinib remains under clinical investigation and is not yet approved for use in any other regions in the world, they said.
Shares of Apollomics jumped 12% in recent trading.
Price: 8.29, Change: +0.89, Percent Change: +12.03
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