Antengene Corporation Limited (6996.HK), a commercial-stage biopharmaceutical company, announced that it has entered into an exclusive license agreement with K2 Therapeutics, a subsidiary of MPM BioImpact, for ATG-106, which is being developed for solid tumors, and an option agreement to obtain exclusive global rights to develop and commercialize an undisclosed preclinical bispecific T-cell engager (TCE) candidate.
Under the License Agreement (ATG-106), Antengene will receive upfront and near-term consideration of approximately $20 million, consisting of cash and a minority equity stake in a newly established asset company and subsidiary of K2 Therapeutics, subject to approval conditions.
In addition, Antengene will also be eligible to receive milestone payments of up to $960.5 million, along with tiered royalties on future net sales of ATG-106.
Under the option agreement (undisclosed TCE), upon exercise of the option, Antengene is entitled to receive approximately $20 million, consisting of an option exercise fee, a near-term payment, an upfront payment, and a minority equity stake in the related asset company. Antengene would be eligible to receive milestone payments of up to $960.5 million, along with tiered royalties on future net sales of the undisclosed TCE program.
Under both the License Agreement and the Option Agreement, K2 Therapeutics' rights will extend globally, excluding Greater China.
Both ATG-106 and the undisclosed TCE program will utilize AnTenGager, Antengene's proprietary platform.
Antengene is currently trading on the Hong Kong Stock Exchange at HKD 3.50, up 2.94%.
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