Summit Therapeutics (SMMT) has agreed to sell ridinilazole, an investigational phase 3 precision antibiotic, to Toronto-based Biossil, the company said Tuesday.

Under the agreement, Summit will receive $500,000 upfront and up to $104.5 million in regulatory and commercial milestones, along with tiered royalties on net sales.

Summit said Biossil plans to continue clinical development of the asset while it focuses on its oncology strategy and development of ivonescimab, the company added.