BioInvent leaps on out-licensing deal for anti-FcγRllB antibody for Greater China
Sweden-based biotech firm BioInvent International (STO: BINV) and USA-based CASI Pharmaceuticals (Nasdaq: CASI) today announced an exclusive licensing agreement for the development and commercialization of novel anti-FcγRIIB antibody, BI-1206, in mainland China, Taiwan, Hong Kong and Macau.
News of the deal, which is worth as much as $95 million, saw BioInvent’s shares close up almost 13% at 1.72 Swedish kronor today.
Under the terms of the accord, BioInvent and CASI will develop BI-1206 in both liquid and solid cancers, with CASI responsible for commercialization in China and associated markets. BioInvent will receive a $5 million upfront payment and is eligible to receive up to $83 million in development and commercial milestone payments plus tiered royalties in the high-single to mid-double-digit range on net sales of BI-1206.
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