Kodiak Sciences (NASDAQ:KOD) gains as the Company agrees to sell a capped 4.5% royalty right on global net sales of KSI-301 to Baker Bros. Advisors, for $225M
KSI-301 is an anti-VEGF antibody biopolymer conjugate, under development for retinal vascular diseases.
BBA will pay the first $100M at the closing of the transaction expected in January 2020, and the remaining $125M upon achievement of pre-determined milestones
Kodiak has an option to repurchase royalty rate of 4.5% on annual sales after 4.5x the funded amount has been paid.
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