Ono Pharmaceutical Co. Ltd. secured an exclusive license to develop and commercialize certain Karyopharm Therapeutics Inc. compounds for cancer in Japan, South Korea, Taiwan, Hong Kong and the Association of Southeast Asian Nations.
Ono will make a one-time upfront payment of ¥2.5 billion for the license to Selinexor and KPT-8602 which are currently under clinical development.
The company is also required to pay up to an additional ¥19.15 billion if certain development and commercial milestones are achieved as well as royalties once the drugs hit the market.
Karyopharm retains the rights to develop and commercialize the products outside the Ono territory.
As of Oct. 11, US$1 was equivalent to ¥112.28.