IMMUNEONCO-B (01541) announced that, according to the licensing and collaboration agreement, the company had agreed to grant Axion exclusive rights to research, develop, and commercialize certain bispecific antibodies targeting Programmed Death-Ligand 1 (PD-L1) and Vascular Endothelial Growth Factor (VEGF), including the candidate product IMM2510, as well as certain monoclonal antibodies targeting Cytotoxic T-Lymphocyte-Associated Protein 4 (CTLA-4), including the candidate product IMM27M, outside of Greater China.

As of the announcement date, the company declared it had entered into an agreement with Axion to terminate the licensing and collaboration agreement. All previously granted licenses to Axion, including the global development and commercialization rights outside Greater China, have been reassigned to the company, with the exception of a limited license granted to Axion to phase out its clinical development activities.

This termination will not affect the upfront and milestone payments totaling $35 million that the company has already received from Axion under the original agreement. IMMUNEONCO-B is pleased to regain the global rights to IMM2510 and IMM27M.

The company maintains strong confidence in the therapeutic potential of these drugs and remains committed to accelerating the clinical development of these assets.