Deal involving an antibody asset ‘goes beyond a traditional licensing transaction’, founder and CEO says
The Shanghai-based company announced a licence and equity agreement on Monday with Solstice Oncology, a firm established by a syndicate of venture capital investors, for the exclusive development and commercialisation of a clinical-stage asset, HBM4003, outside China.
Under the agreement, Harbour BioMed stands to receive US$50 million in upfront payments, US$5 million in near-term cash payments and more than US$50 million of equity in Solstice, as well as up to US$1.1 billion for additional development, regulatory and commercial milestones.
The partnership reflected Harbour BioMed’s “significant reputation in the discovery and development [of] novel therapeutic antibodies”, said Jingsong Wang, the firm’s founder, chairman and CEO.
“The structure goes beyond a traditional licensing transaction,” he added. “We are participating in the building of a global biotechnology company alongside experienced investors, focused on the development of HBM4003, one of our leading antibody programmes.”
The deal would enable long-term value creation while allowing Harbour BioMed to remain engaged in advancing the asset towards global development, he added.
The company’s antibody programme aimed to enable tumour-killing effects and support the development of innovative biologics for immunological and inflammatory diseases, according to a press release.
