Aslan could receive up to $60m in payments
Bristol-Myers Squibb will pay Singapore-based biotech company Aslan Pharmaceuticals up to $60m to regain the rights to a small molecule in Asia.
The New York-based pharmaceutical manufacturer will reacquire the rights to ASLAN002 (BMS777607) in China, Australia, Korea, Taiwan and other Asian territories.
ASLAN002 is a potent small-molecule dual inhibitor of the cMET receptor tyrosine kinase and RON immune checkpoint.
Aslan, a developer of immunotherapies and targeted agents for tumour types prevalent in Asia, in-licensed ASLAN002 in these markets from Bristol-Myers Squibb in November 2011.
The firm said it has completed a phase I study, in which ASLAN002 was shown to be safe and well tolerated.
Aslan will receive an upfront payment of $10m from Bristol-Myers Squibb and is eligible to receive development and regulatory milestones in excess of $50m.
In addition, the firm will receive royalty payments on future worldwide sales.
Bristol-Myers Squibb will resume all development and commercialisation activities and expenses.
Dr Carl Firth, Chief Executive Officer of Aslan Pharmaceuticals, said: 'The commercial terms of the agreement further strengthen Aslan’s financial position following the closing of our recent financing rounds.
'We are in a very strong position to continue to build our proprietary pipeline of novel clinical programmes.'