Sino-US firm Eccogene Inc. announced on October 23rd that it is set to receive a $60 million payment from AstraZeneca (AZ, NASDAQ: AZN) following the successful achievement of development milestones for ECC5004/AZD5004, including the dosing of the first patient in the Phase 2b trial. This payment is a part of a broader agreement that highlights the progress and collaboration between the two companies in advancing this drug candidate.
Milestone Achievement and Financial Terms
AstraZeneca had previously secured global rights to ECC5004/AZD5004 from Eccogene in November 2023. As part of this agreement, Eccogene received an upfront payment of $185 million and stands to earn up to $1.825 billion in future milestone rewards and royalty payments. This significant financial commitment underscores the potential of ECC5004/AZD5004 in the global market and the confidence of AstraZeneca in its development.
Eccogene’s Retained Rights in China
Eccogene retains the rights for the co-development and co-commercialization of ECC5004/AZD5004 in China, marking a strategic partnership that combines global reach with localized expertise. This arrangement allows Eccogene to leverage its deep understanding of the Chinese market while benefiting from AstraZeneca’s global development and commercialization capabilities.- Flcube.com
