F-star Therapeutics Ltd. shares were up 9% to $6.96 in premarket trading Wednesday after the biopharmaceutical company said it entered into a license and collaboration agreement with Johnson & Johnson's Janssen Biotech Inc.
Under the terms of the agreement, F-star said it will grant Janssen a worldwide, exclusive royalty-bearing license to research, develop, and commercialize up to five novel bispecific antibodies directed to Janssen therapeutic targets using F-star's proprietary Fcab and mAb platforms.
Janssen will be responsible for all research, development, and commercialization activities under the agreement.
F-star said it is entitled to receive upfront fees of $17.5 million, and near-term fees and potential further milestones of up to $1.35 billion. F-star is also eligible to receive potential tiered mid-single digit royalties on annual net sales.
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