Ascentage Pharma Secures $100 Million Option Payment from Takeda for Third-Generation BCR-ABL Inhibitor

04 July 2024 | Thursday | News

Global Biopharmaceutical Leader Receives Major Financial Boost Under Exclusive Option Agreement for Olverembatinib, with Potential Milestone Payments Up to $1.2 Billion
Image Source : Public Domain

Image Source : Public Domain

Ascentage Pharma a global biopharmaceutical company engaged in discovering, developing and commercializing both first-in-class and best-in-class therapies for hematological malignancies, announced today that on July 2, 2024, in relation to the Exclusive Option Agreement with Takeda for the third-generation BCR-ABL inhibitor olverembatinib (HQP1351), Ascentage Pharma has received the US$100 million option payment called for by the Exclusive Option Agreement.


On June 14, 2024, Ascentage Pharma and Takeda entered into an Exclusive Option Agreement that granted Takeda an exclusive option to enter into an exclusive license agreement for olverembatinib. The Exclusive Option Agreement calls for Ascentage Pharma to receive an option payment of US$100 million and provides for Ascentage Pharma to be eligible for an option exercise fee and additional potential milestone payments of up to approximately US$1.2 billion and double-digit royalties on annual sales.


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