By Michael Susin

AstraZeneca PLC said Thursday that it has entered into an agreement with KYM Biosciences Inc. regarding an exclusive license agreement for a gastric cancer treatment.

The Anglo-Swedish pharma major said it will be responsible for the research, development, manufacture and commercialization of CMG901 globally.

AstraZeneca will make an upfront payment of $63 million, additional development and sales-related milestone payments of up to $1.1 billion to KYM Biosciences and tiered royalties up to low double digits, it added.

The deal is expected to close in the first half of 2023.

MG901 is currently under a Phase 1 clinical trial for the treatment of Claudin 18.2-positive solid tumors, including gastric cancer.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

February 23, 2023 02:42 ET (07:42 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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