Loxo Oncology at Lilly, a research and development group of Eli Lilly and Company (NYSE: LLY), and Kumquat Biosciences today announced an exclusive collaboration focused on the discovery, development and commercialization of potential novel small molecules that stimulate tumor-specific immune responses.
Through the multi-year collaboration, Kumquat will utilize its small molecule immuno-oncology (IO) platform to discover novel clinical candidates and Lilly has the option to select a certain number of drug candidates for further development and commercialization worldwide, excluding Greater China. Kumquat has retained development and commercialization rights in Greater China for each of the drug candidates selected by Lilly, subject to Lilly's option to co-commercialize in Greater China. Additionally, Kumquat has the option to co-develop and co-commercialize a certain number of the drug candidates selected by Lilly in the U.S.
Kumquat will receive an aggregate of $70 million consisting of a cash upfront payment and an equity investment. Kumquat is eligible to receive over $2 billion in potential milestone payments based on the achievement of preclinical, development and future commercial milestones, as well as royalties on sales of commercialized products resulting from the collaboration.
https://finance.yahoo.com/news/lilly-kumquat-biosciences-announce-collaboration-104500440.html
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