Biotech company to receive $55 million upfront, per terms of the deal.
LaNova Medicines, a biotech company, has reached a deal with AstraZeneca for the production of LM-305, a pre-clinical stage antibody drug conjugate (ADC). Per terms of the agreement, AstraZeneca will be granted exclusive rights to research, develop, and commercialize the therapy. Based on development and commercial milestones, LaNova will be eligible for payments of up to $545 million and royalties on net sales worldwide.
"LaNova Medicines has a strong focus on discovering and developing innovative medicines in the ADC and Immuno-Oncology fields,” said Crystal Qin, PhD, Founder, Chairman, CEO of LaNova Medicines. “We're excited to reach this agreement with AstraZeneca. With the potential to become a first-in-class GPRC5D-directed ADC for multiple myeloma, LM-305 exemplifies our innovative and robust platform for ADC development.”
Reference: LaNova Medicines Announces Global Exclusive License Agreement with AstraZeneca for LM-305, a Novel GPRC5D-Targeting Antibody Drug Conjugate. May 12, 2023 / PR Newswire