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AstraZeneca PLC on Thursday said it has completed an exclusive global license agreement with KYM Biosciences Inc for its CMG901 treatment.
The Cambridge, UK-based pharmaceutical company said the agreement is for an exclusive global license for the research, development, manufacture and commercialisation off CMG901 for $63 million.
The agreement includes potential development and sales-related milestone payments of up to $1.1 billion and tiered royalties up to low double digits, AstraZeneca noted.
The firm added that the transaction won’t affect its financial guidance or 2023.
The company said CMG901 is a potential first-in-class antibody drug conjugate targeting Claudin 18.2-positive solid tumours, which are a prominent target in gastric cancers.
CMG901 is currently undergoing a phase 1 trial, with preliminary results indicating early signs of anti-tumour activity across the dose levels tested.
AstraZeneca shares rose 0.2% to 11,182.64 pence each in London on Thursday morning.
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