Ambrx entered into a license agreement to develop and commercialize TRACON Pharmaceuticals Inc.'s investigational cancer treatment TRC105, or carotuximab, in China.
The company gained exclusive rights to develop and commercialize TRC105 in all indications in China and Taiwan. TRACON will receive an upfront payment of $3 million and is eligible to receive development and regulatory milestones of up to $10.5 million and commercial sales milestones of up to $130 million.
In addition, TRACON is eligible to receive tiered royalties from the high single digits to low teens on net sales of TRC105 in the Ambrx territories.
Ambrx intends to file an initial clinical trial application with the Chinese Food and Drug Administration in 2018.
TRC105 is currently being studied in a phase 3 trial for angiosarcoma and in multiple phase 2 trials, in combination with certain inhibitors. The drug reported positive observations from a phase 1b trial studying a combination therapy of TRC105 and Novartis AG's Votrient in patients with soft tissue sarcoma.
The drug has secured orphan designation for the treatment of soft tissue sarcoma in both the U.S. and EU.
