Relay Therapeutics (RLAY) and HLB's unit Elevar Therapeutics said Tuesday that the companies agreed to an up to $500 million exclusive global licensing deal for lirafugratinib.
Under the agreement, Relay Therapeutics will receive up to $75 million in upfront and regulatory milestone payments, $425 million in commercial milestone payments, plus double-digit royalties on global sales.
Additionally, Elevar Therapeutics is responsible for the further development and commercialization of lirafugratinib.
Lirafugratinib is currently under development as a potential treatment for bile duct cancer and other fibroblast growth factor receptor 2-altered solid tumors, according to the statement.
Shares of Relay Therapeutics were down 3.4% in recent trading.
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