Eddingpharm acquires global rights to oncology assets, including telatinib, from ACT Biotech
Chinese drug firm Eddingpharm has entered into an asset purchase agreement (APA) with a private, venture capital-backed US biopharma company ACT Biotech to acquire worldwide rights to three small molecule drug assets (telatinib, ACTB1003, and ACTB1010) and other molecules from the US firm.
Eddingpharm made an upfront payment to ACT Biotech on the closing of the transactions contemplated under the APA. ACT Biotech is also eligible to receive clinical, regulatory and commercial milestone payments. The total consideration, including the upfront payment, may reach up to $95 million.
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