Graviton Bioscience to shell out up to $517 million for ROCK2 inhibitor
Privately-held US drug developer Graviton Bioscience and Beijing Tide Pharmaceutical, a subsidiary of Sino Biopharmaceutical (HKG:1177), have signed an exclusive license agreement for TDI01.
The deal grants development and commercialization rights for TDI01 to Graviton in all territories, excluding China. Under the terms of the agreement, Graviton will make an upfront payment and additional amounts for development, regulatory and sales milestone payments for all programs, as well as royalties on net sales and an option for a revenue-sharing arrangement for certain developed products.
The aggregate amount of upfront, development, regulatory and sales milestone payments to the Chinese firm is up to $517.5 million. Sino Biopharmaceutical’s shares were up more than 12% at HK$8.29 by the end of trading today.
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