Pyxis Oncology obtains $8M payment for the sale of royalty rights

Pyxis Oncology announced that it has completed the sale of its rights to royalties from the commercialization of Beovu and another asset to Novartis for a one-time cash payment of $8 million. As part of Pyxis Oncology’s acquisition of Apexigen, Inc., in August 2023, the Company gained rights to royalties on Beovu and another asset discovered using APXiMAB, Apexigen’s proprietary antibody discovery platform. Under the agreement with Novartis, Pyxis Oncology will receive an $8 million payment from Novartis. Royalties previously received by Apexigen and Pyxis Oncology will be free from any reclaim rights. Pyxis Oncology will record the $8 million payment in Q1 2024. Pyxis Oncology retains rights to three other antibodies in development by Apexigen’s licensees, which were also discovered leveraging the APXiMAB platform. Pyxis Oncology believes that it has the potential to earn future payments associated with those programs.