Elpiscience Biopharma, Ltd., a privately held, clinical-stage biopharmaceutical company, and Astellas Pharma Inc. (ALPMY,ALPMY) has entered into a research collaboration and license agreement for novel bi-specific macrophage engagers, ES019 and another program. The companies will collaboratively conduct early-stage research for the two programs, Astellas said in a statement on Thursday. According to Astellas, Elpiscience will also grant Astellas the right to add up to two additional programs to be included in the collaboration. If Astellas exercises its option, Elpiscience will grant Astellas the exclusive right to further research, develop, manufacture and commercialize the products for each program.
As per the term of agreement, Elpiscience will receive up to $37 million, including the upfront payment and license option fees. In addition, Elpiscience will receive research funding from Astellas to advance the programs.
After Astellas exercises its option, Elpiscience is eligible to potentially receive more than $1.7 billion in payments for the achievement of future development, regulatory, and commercial milestones. Elpiscience is also eligible to receive single-digit to lower double-digit percent royalty payments on net sales for licensed products per each program.
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