Inovio amends agreement with ApolloBio
Shares of USA-based Inovio Pharmaceuticals (Nasdaq: INO) were up 4.12% at $4.30 in premarket trading today, after it announced that it entered an amended agreement providing ApolloBio Corp (NEEQ:430187).
This grants the Chinese firm an exclusive right to develop and commercialize VGX-3100, Inovio’s DNA immunotherapy product designed to treat pre-cancers caused by human papillomavirus (HPV), within Greater China (China, Hong Kong, Macao, Taiwan).
Based on the new agreement, ApolloBio will make an upfront payment of $23 million (an increase from the previously announced amount of $15 million), as well as potential future payments up to $20 million upon meeting certain milestones. In addition, Inovio is entitled to receive double-digit tiered royalty payments on sales.
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