Polyphor out-licenses balixafortide in China
Shares of Swiss antibiotic and immuno-oncology specialist Polyphor (SIX: POLN) were up 9.4% at 7.65 Swiss francs by early afternoon on Monday, after it announced that it has entered into an exclusive licensing agreement for balixafortide in China with the Swiss unit of Shanghai Fosun Pharmaceutical (HK: 02196).
Under the terms of the accord, Polyphor and Fosun Pharma, whose shares dipped 2.5% to 54.82 renminbi, will develop and commercialize balixafortide for the Chinese market with an initial focus on metastatic breast cancer. China is projected to be the second largest market globally for breast cancer treatments. Additional cancer indications and combination therapies will be evaluated jointly by the companies. Polyphor retains all rights to balixafortide outside of China.
Deal terms provide $15 million upfront
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