China-based CSPC Pharmaceutical Group Ltd (HKG: 1093) announced that its subsidiary, CSPC Jushi Biopharmaceutical Co., Ltd, has entered into a licensing agreement with US-based Elevation Oncology Inc. (NASDAQ: ELEV). The deal grants Elevation exclusive development and commercialization rights to CSPC Jushi’s Claudin 18.2 (CLDN18.2) antibody drug conjugate (ADC) candidate SYSA1801 in all territories outside Greater China.
Financial Terms
Elevation will pay CSPC Jushi an upfront payment of USD 27 million. The agreement includes up to USD 148 million in development and regulatory milestone payments and up to USD 1 billion in sales milestone payments. Elevation will also pay double-digit percentages of annual net sales as commission.
Drug Profile
CLDN18.2 is overexpressed in gastric, pancreatic, and lung cancers, making it a promising therapeutic target. Preclinical studies showed that SYSA1801 specifically inhibited the growth of CLDN18.2-expressing cells in vitro and demonstrated significant antitumor effects in vivo in gastric, pancreatic, and lung cancer models. The drug also showed good safety profiles in rodent and non-human primate studies.
Elevation Oncology Background
Elevation Oncology, based in New York, focuses on developing precision drugs for genomically defined cancers. Its primary asset is seribantumab, an anti-HER3 drug acquired from Merrimack Pharmaceuticals in 2019, currently under development for NRG1-fusion-driven cancers. The company plans to expand its pipeline through licensing activities.-Fineline Info & Tech
