Biogen Inc. (BIIB) and TJ Biopharma have entered into a definitive agreement under which Biogen has agreed to acquire TJ Bio's exclusive rights to felzartamab in the Greater China Region. Biogen now owns exclusive worldwide rights to felzartamab, which is currently being evaluated in global Phase 3 clinical studies across multiple immune-mediated diseases.
TJ Bio will receive a $100 million upfront payment and is eligible to receive up to $750 million in potential commercial and sales milestone payments, for a total potential consideration of up to $850 million, plus mid-single-digit to low-double-digit percentage of royalties on potential net sales in the Greater China Region. Biogen will assume responsibilities for milestone payment and royalty obligations under the prior MorphoSys licensing agreement.
In pre-market trading on NasdaqGS, Biogen shares are down 1.21 percent to $175.20.
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