Keros Therapeutics (KROS) said Tuesday it expects to receive a $20 million development milestone payment under the terms of its license agreement for elritercept with partner Takeda Pharmaceutical (TAK), following the dosing of the first patient in the ELRiSE MF clinical trial.

ELRiSE MF is a Phase 3, multicenter, double-blind, randomized trial to compare the efficacy and safety of elritercept with placebo in patients with myelofibrosis and anemia on concurrent ruxolitinib therapy, the company said.

The global license agreement with Takeda, effective Jan. 16, 2025, covers the development, manufacture and commercialization of elritercept worldwide outside mainland China, Hong Kong and Macau.

Keros received a $200 million upfront cash payment in February 2025 and is eligible for development, commercial and sales milestones potentially exceeding $1.1 billion, along with tiered royalties on net sales, the company said.

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