Settle future milestone obligations through minimum payment agreement
[by Yu, Suin] SillaJen announced on April 22 that it has acquired all patents and rights to the anticancer drug candidate 'BAL0891' from the Dutch biotechnology company Crossfire through a transaction valued at CHF 2 million Swiss francs (approximately USD 2.4 million).
Crossfire was the original developer of BAL0891, and under the initial agreement, 바카라사이트 아벤카지노 was required to pay up to CHF 172 million (approximately USD 212.9 million) in milestone payments contingent on future development progress. However, with the revised agreement, 바카라사이트 아벤카지노 has been released from all such milestone obligations.
BAL0891 is a dual-inhibition mechanism anticancer drug, originally developed by the Dutch biotech company Crossfire. It was initially licensed by the Swiss pharmaceutical company Basilea, however, following Basilea’s decision to exit its oncology division in 2022, the rights to the drug were subsequently transferred to 바카라사이트 아벤카지노.
The patents for BAL0891 are owned by Crossfire and Basilea, and through the recent contract revision, 바카라사이트 아벤카지노 has acquired all patents and rights previously owned by Crossfire.
바카라사이트 아벤카지노 is currently conducting clinical trials for BAL0891 in the United States and Korea and is actively pursuing an expansion of indications from its current focus on solid tumors to include acute myeloid leukemia (AML). This expansion could have significantly increased the milestone payments owed to Crossfire under the original agreement. However, the recent contract revision has effectively eliminated this potential financial burden.
The contract revision was executed following a sudden presentation and resolution by the board of directors, after completing the reporting procedures with 바카라사이트 아벤카지노’s largest shareholder, M2N, and its affiliates.
“Through this strategic contract revision, we acquired all rights held by Crossfire at the minimal cost and proactively addressed key issues that would need to be resolved in the process of pursuing future licensing-out opportunities for BAL0891,” a 바카라사이트 아벤카지노 official stated.
Conversely, the preclinical study results for 바카라사이트 아벤카지노, a novel drug candidate for acute myeloid leukemia (AML), are scheduled to be presented at an upcoming global academic conference.