Lund, Sweden-based Alligator Bioscience AB (publ) agreed to sell its right to an antibody in China to Biotheus Inc.
The Guangdong, China-based privately held drugmaker will pay Alligator an upfront payment of $1 million and as much as $142 million when certain milestones are achieved.
The total sum includes upfront and development milestones amounting to about $52 million, global option fees up to $90 million, plus royalties on future sales and share of sub-license revenue.
The agreement includes an option for expanding the license to cover global rights.
Biotheus can create up to three bispecific molecules based on the antibody. Bispecific molecules are drugs that target two types of antigens simultaneously.
Alligator Bioscience CEO Per Norlén said the deal gives the company an entry into the fast-growing life sciences market in China.
