RemeGen (HKG:9995, SHA:688331) signed a license agreement with Vor Biopharma for the development and sale of Telitacicept worldwide except in Greater China, according to a Thursday filing with the Hong Kong bourse.
The license will allow Vor Bio to sell the recombinant B-cell lymphocyte stimulator drug, which is indicated for myasthenia gravis, systemic lupus erythematosus, and rheumatoid arthritis, the filing said.
RemeGen and its subsidiary Yantai Rongpu Investment Partnership will receive up to $125 million in consideration from Vor Bio.
Vor Bio will also issue $80 million in warrants to Yantai Rongpu in exchange for 320 million common shares in Vor Bio or 23% of the enlarged issued share capital, the filing said.
RemeGen will be eligible for an upfront payment of $45 million as well as up to $4.11 billion in milestone payments across several potential indications, and high single-digit to double-digit percentages of actual annual net sales, the filing said.
Shares plunge 17% in Hong Kong and Shanghai during late morning trading on Thursday.
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