- Corbus Pharmaceuticals Holdings Inc CRBP entered into an exclusive licensing agreement with CSPC Megalith Biopharmaceutical Co Ltd, a subsidiary of CSPC Pharmaceutical Group Limited, for the development and commercialization of CRB-701 (SYS6002), an antibody-drug conjugate targeting Nectin-4.
- The agreement covers exclusive commercialization rights to CRB-701 in the U.S., Canada, the European Union, the U.K., and Australia.
- The FDA has cleared the IND for CRB-701. CSPC is currently investigating CRB-701 in a Phase 1 dose escalation clinical trial in advanced solid tumors in China.
- Corbus is planning to bridge data from this Phase 1 trial to support a US clinical trial starting in 2024.
- Corbus and CSPC will work collaboratively to execute the clinical development of CRB-701, with Corbus responsible for the clinical development in the U.S. and other licensed territories.
- CSPC will receive an upfront payment of $7.5 million. CSPC will also be eligible to receive royalties on net sales and up to $130 million in potential development and regulatory milestone payments, and $555 million in potential commercial milestone payments.
- Concurrent with the licensing agreement, Corbus also announced a 1-for-30 reverse stock split of its common stock, effective on February 14, 2023.
- Price Action: CRBP shares are down 1.69% at $0.16 on the last check Monday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
