Japan's Daiichi Sankyo Co. Ltd. entered into an exclusive worldwide licensing agreement with Glycotope GmbH for its potential cancer treatment gatipotuzumab.

The deal gives Daiichi worldwide exclusive rights to develop and commercialize Glycotope's investigational antibody gatipotuzumab and combine it with its antibody drug conjugate, or ADC, technology.

ADCs are targeted cancer medicines that deliver chemotherapy to cancer cells that binds to a specific target expressed on cancer cells.

Under the deal, Berlin-based Glycotope will receive an up-front payment and potential milestone payments and royalties on sales from Daiichi Sankyo.

The companies did not disclose the financial terms of the deal in a July 30 news release.