LUND, Sweden, Nov. 7, 2018
LUND, Sweden, Nov. 7, 2018 /PRNewswire/ --
Alligator Bioscience (Nasdaq Stockholm: ATORX) today announces that it will receive payments of more than USD 3.5 million under its collaboration agreement with the South Korean company AbClon Inc. ("AbClon"). This is following the exercising of an option by a third party, Shanghai Henlius Biotech, Inc. ("Henlius"), to expand from a regional to a global agreement.
In October 2016, Henlius signed a license agreement with AbClon, encompassing the intellectual property and commercial rights of the monoclonal HER2 antibody AC101 in China (including Taiwan, Hong Kong and Macao). The two parties have now signed an amendment to the agreement in which Henlius will exercise its option to secure the right to develop and commercialize AC101 globally.
The exercising of this option triggers a payment of USD 10 million (approx. SEK 90 million) from Henlius to AbClon. As Alligator holds an ownership interest in this project, this entitles Alligator to 35 percent of AbClon's income from the agreement with Henlius. The payment of USD 3.5 million (before foreign tax) to Alligator will be made in two parts, the first half due in 2018 and the second half in H1 2019.
For further information:
Cecilia Hofvander, Director Investor Relations & Communications
This information is such information as Alligator Bioscience AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 5:00 p.m. CET on November 7, 2018.
About the AbClon collaboration
Through Alligator's subsidiary Atlas Therapeutics AB, the Group holds an ownership interest in the Biosynergy project, run by the South Korean company AbClon. Alligator incurs no overheads for this project, but is entitled to a share of any future revenues. Two milestone payments totaling SEK 2.1 million have been received to date in conjunction with a regional out-licensing of one of these products, the HER2 antibody AC101.
About AbClon Inc.
AbClon, based in Seoul, South Korea, has been dedicated to the research, development of new antibody drugs. The company has established two platforms, Novel Epitope Screening Technology (NEST) and monoclonal antibody platform (AffiMab), to accelerate the discovery and development of innovative antibody therapeutics.
About Alligator Bioscience
Alligator Bioscience AB is a clinical-stage biotechnology company developing tumor-directed immuno-oncology antibody drugs. Alligator's growing pipeline includes five lead clinical and pre-clinical drug candidates (ADC-1013, ATOR-1015, ATOR-1017, ALG.APV-527 and ATOR-1144). ADC-1013 (JNJ-7107) is licensed to Janssen Biotech, Inc., part of J&J, for global development and commercialization. Alligator's shares are listed on Nasdaq Stockholm (ATORX). The Company is headquartered in Lund, Sweden, and has approximately 50 employees. For more information, please visit www.alligatorbioscience.com.
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Alligator Bioscience to receive million-dollar payments, AbClon partner exercises option