ASLAN Pharmaceuticals Ltd (亞獅康) on Wednesday said that it is seeking an upfront payment of US$2 million, and up to US$11 million in sales and development milestones, in an agreement with a South Korean partner.
ASLAN would grant BioGenetics exclusive rights commercialize Varlitinib in South Korea, it said.
Varlitinib is a small-molecule inhibitor of the human epidermal growth factor receptor family of receptor tyrosine kinases that is being studied in a global trial for bile duct cancer, or cholangiocarcinoma.
The agreement would grant BioGenetics exclusive rights to all indications for the drug, pending regulatory approval, ASLAN said, adding that it would receive more than 20 percent in royalties on net sales.
While ASLAN would continue to fund clinical development of Varlitinib, its South Korean partner would be responsible for obtaining initial and subsequent regulatory approvals in the nation, it said.
ASLAN in 2015 begun studies to seek approval to market Varlitinib as a treatment for cholangiocarcinoma in South Korea via a licensing deal with Hyundai Pharmaceutical Co Ltd, but later bought back the rights.
Shares in ASLAN on Wednesday surged 9.8 percent to NT$22.4 in Taipei trading.
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