GenScipt Biotech Corp., a China-based Contract Development and Manufacturing Organization (CDMO) (HKG: 1548), has announced that the closing conditions for a licensing agreement between its subsidiary, Legend Biotech Corporation (NASDAQ: LEGN), and the Swiss pharmaceutical giant Novartis AG (NYSE: NVS) have been met. The agreement, initially revealed in November 2023, centers on Legend’s pipeline of delta like protein 3 (DLL3)-targeted chimeric antigen receptor (CAR)-T therapies, including the candidate LB2102. With the deal now closed, Legend is set to receive an upfront fee of USD 100 million.
Novartis has secured exclusive rights to develop, manufacture, and commercialize Legend’s DLL3 CAR-T therapies, with the intention of leveraging its T-Charge platform to expedite the manufacturing process. In addition to the initial payment, Legend is also eligible to receive up to USD 1.01 billion in milestone payments linked to clinical, regulatory, and commercial achievements, as well as royalties on future sales from Novartis.- Flcube.com
