BeOne Medicines Ltd (Nasdaq: ONC) (HKEX: 06160;) (SSE: 688235) and Revolution Medicines Inc (Nasdaq: RVMD) announced on Monday that the two oncology companies have entered a multi-part collaboration to develop combinations of selected BeOne oncology assets with four Revolution Medicines RAS(ON) inhibitors and provide BeOne with exclusive rights to the assets in selected Asian markets.

The clinical collaboration will evaluate combinations involving BeOne's MTA-cooperative PRMT5 inhibitor BGB-58067 and EGFR x MET x MET trispecific antibody BG-T187 with Revolution Medicines' daraxonrasib, zoldonrasib, elironrasib and RMC-5127, which target RAS-driven cancers.

Under the regional rights agreement, BeOne will develop and commercialise or solely commercialise the four assets in selected Asian markets, while Revolution Medicines retains rights outside the licensed territory, including Japan and South Korea. Revolution Medicines is eligible for development and sales milestones and tiered royalties on regional net sales.

BeOne will also fund and conduct a global registrational Phase 3 study for one of the RAS(ON) inhibitors, while Revolution Medicines continues its broader global registrational development programme.