Asahi Kasei obtains license for bone cell therapy product
Belgium’s Bone Therapeutics (Euronext Brussels: BOTHE) has signed a license agreement granting Japanese drugmaker Asahi Kasei (TYO: 3407) exclusive rights to develop and commercialize the PREOB bone cell therapy product in Japan with an option to negotiate an exclusive license for development and commercialization of PREOB in Korea, China, and Taiwan.
Bone Therapeutics will receive an upfront payment of 1.7 million euros ($2.0 million) from Asahi Kasei and is eligible to receive up to 7.5 million euros from development and commercial milestone payments, as well as tiered royalties based on annual net sales of PREOBin Japan.
The deal was announced late on Friday, but this morning Bone Therapeutics saw its share leap 9.6% to 10.47 euros.
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