Elevation Oncology to license an antibody drug conjugate from China's CSPC Pharma

Jul. 28, 2022 10:53 AM ETElevation Oncology, Inc. (ELEV), CHJTFBy: Anuron Mitra, SA News Editor

Close up of holding hands

Kelvin Murray

  • Elevation Oncology (NASDAQ:ELEV) on Thursday said it would give an upfront payment of $27M to CSPC Megalith Biopharmaceutical to license antibody drug conjugate EO-3021.
  • ELEV stock was down 14.2% to $1.21 in morning trading.
  • ELEV said as per the licensing agreement, it would develop and commercialize EO-3021 in all territories outside of Greater China.
  • CSPC Megalith Biopharmaceutical is a unit of China-based CSPC Pharmaceutical Group (OTCPK:CHJTF). Aside from the upfront payment, CSPC will be eligible to get $148M in development and regulatory milestone payments and up to $1B in commercial milestone payments plus royalties on net sales.
  • EO-3021 targets Claudin18.2, which is a protein expressed across several types of cancer including gastrointestinal cancers and pancreatic cancer.
  • ELEV said it was planning to start a phase 1 trial evaluating EO-3021 in the U.S. in 2023.

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