Alligator Bioscience AB (Alligator) (STO:ATORX), a clinical-stage biotechnology company developing tumour-directed immuno-oncology antibody drugs, announced on Monday the receipt of an additional USD0.5m in a second instalment of the upfront payment from Chinese company Biotheus Inc.
Reportedly, the first instalment of USD0.5m was received in August 2019 in connection with Alligator entering into a licensing agreement with Biotheus with a total value up to USD142m.
This agreement concerns the Chinese rights to an immune-activating antibody from the antibody library ALLIGATOR-GOLD, with the intention of creating up to three new bispecific molecules.
The license agreement includes exclusive rights to an immune-activating antibody directed to a receptor within the Tumour Necrosis Factor Receptor-superfamily (TNFR-SF), a collective name for a number of target molecules with similar functions, and applies to the China, Hong Kong, Taiwan and Macau markets.
In addition to the received upfront payment totalling USD1m, the license agreement gives Alligator the right to receive additional milestones and option fees at a potential total value of up to USD141m, as well as royalties on future sales and share of any sub-license revenue.
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