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GlycoMimetics, Apollomics sign license deal to develop cancer therapies in China

GlycoMimetics Inc. and Apollomics Inc. signed a collaboration and license deal to develop and commercialize two blood cancer treatments in Greater China.

Uproleselan and GMI-1687 were discovered by GlycoMimetics, which is developing the drugs as a treatment for certain blood cancers, including acute myeloid leukemia.

AML is a type of cancer that affects the blood and bone marrow. The two drugs block E-selectin, a group of proteins in the bone marrow, from binding with blood cancer cells.

Foster City, Calif.-based Apollomics will pay Rockville, Md.-based GlycoMimetics $9 million up front and up to $180 million in milestone payments, plus tiered royalties on net sales.

Apollomics will also handle preclinical and clinical development of GMI-1687 and cover costs for developing and commercializing the drugs in China, Hong Kong, Macau and Taiwan.

GlycoMimetics will retain all rights to the drugs and provide them to Apollomics via a supply agreement.

Uproleselan received a breakthrough therapy tag from the U.S. Food and Drug Administration to treat adult patients with persistent and recurring states of AML.