USA-based Five Prime Therapeutics (Nasdaq: FPRX), an immuno-oncology focussed biotech firm, says that UCB (Euronext Brussels: UCB) has elected to exclusively license an undisclosed drug target for inflammatory diseases.
Five Prime identified the target using its discovery platform, under a 2013 collaboration with UCB, Belgium’s largest drugmaker, which involved an upfront payment of $16 million, as well as future development, regulatory and sales-based milestones payments, and potential royalties on net sales.
Five Prime’s shares edged up 2.05% to $16.45 by close of trading on Monday, while UCB dipped 1.48% to 66.36 euros by late morning today.
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