Ascentage Pharma-B (06855) Receives $100 Million Option Payment from Takeda under Exclusive Option Agreement for Olverembatinib (HQP1351)

Zhitong Finance APP reported that Ascentage Pharma-B (06855) announced that the company, Hong Kong Ascentage, Guangzhou Ascentage, Suzhou Ascentage, and Takeda Pharmaceuticals International AG ("Takeda") have entered into an exclusive option agreement ("the Announcement").

As disclosed in the announcement, the Exclusive Option Agreement grants Takeda an exclusive option to enter into an exclusive license agreement for Oleneb (Olverembatinib) (HQP1351), an orally administered, potentially best-in-class third-generation BCR-ABL TKI currently under development for the treatment of CML and other hematological cancers. The Exclusive Option Agreement allows Ascentage to receive a $100 million option fee ("the Option Fee"), and if Takeda exercises the option to license Oleneb (Olverembatinib), it makes Ascentage eligible to receive up to approximately $1.2 billion in option exercise fees and additional potential milestone payments, as well as double-digit percentage royalties on annual sales.

The board of directors of the company is pleased to announce that Jiangsu Ascentage Pharma Development Co., Ltd. has received the option payment permitted under the terms of the exclusive option agreement on July 2, 2024.