AstraZeneca has entered into an exclusive option and global license agreement with Allorion Therapeutics, a US and China-based biotechnology company that focuses on the discovery of new small molecule drugs for treating cancer and autoimmune diseases, to develop and commercialize a novel epidermal growth factor receptor – EGFR – L858R mutated allosteric inhibitor, as a potential new treatment for advanced EGFR-mutant non-small cell lung cancer or NSCLC. AstraZeneca will be granted an exclusive option to license a novel EGFR L858R allosteric inhibitor to develop and commercialize globally. Allorion is eligible to receive upfront and near-term payments of up to $40 million, and additional development and commercial milestone payments of over $500M, as well as tiered royalties on net sales worldwide.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on AZN:
- AstraZeneca looking much better going into 2024, Barron’s says
- AstraZeneca looks much better heading into 2024, Barron’s says
- Gracell downgrade, Fusion upgrade: Wall Street’s top analyst calls
- Gracell price target raised to $10 from $7 at Wells Fargo
- Gracell downgraded to Neutral from Overweight at Piper Sandler