By Fineline Cube 
Lisata Therapeutics announced the termination of its licensing agreement with Qilu Pharmaceutical Co., Ltd. for certepetide (formerly CEND‑1) in Greater China, triggering the return of all development and commercialization rights. The termination follows Lisata’s acquisition by Kuva Labs for $4.00 per share, which established two milestone‑based Contingent Value Rights (CVRs) for shareholders.
Deal Structure & Strategic Terms
| Item | Detail |
|---|---|
| Original Agreement | 2021 licensing deal granting Qilu exclusive Greater China rights for certepetide |
| Terminating Party | Lisata Therapeutics |
| Acquirer | Kuva Labs (US‑based) |
| Acquisition Price | USD 4.00 per share in cash |
| CVR ① | USD 1.00 per share upon return of Greater China rights within 12 months (now triggered) |
| CVR ② | USD 1.00 per share upon Kuva filing NDA for certepetide in any region |
| Total Potential Premium | ~180% for shareholders |
| Post‑Acquisition Rights | Global certepetide rights transfer to Kuva Labs |
| Qilu Obligation | Complete ongoing Phase II study in metastatic pancreatic ductal adenocarcinoma |
| Data Rights | Lisata/Kuva may consult on using generated trial data |
Drug Profile & Technology Platform
- Mechanism: Internalizing RGD cyclic peptide analog that specifically targets tumors and exhibits penetration activity while modulating the tumor immune microenvironment (TIME)
- Therapeutic Potential: Anti‑tumor activity, tumor diagnosis applications, and drug conjugate development
- Kuva’s IPR Strategy: Plans to combine certepetide with its proprietary NanoMark platform to develop next‑generation MRI contrast agents for solid tumors
- ADC Integration: Lisata previously licensed certepetide to Catalent for integration into the SMARTag Antibody‑Drug Conjugate (ADC) platform as a non‑cytotoxic payload
- Differentiation: First‑in‑class tumor‑penetrating peptide with dual diagnostic and therapeutic applications
Market Impact & Strategic Implications
- Pancreatic Cancer Market: Global metastatic pancreatic ductal adenocarcinoma market valued at $2.5 billion, with limited effective therapies
- CVR Value Creation: First milestone triggered adds $1.00 per share immediate value; second CVR contingent on NDA filing creates additional upside
- Greater China Opportunity: Return of rights allows Kuva to pursue direct partnerships or new licensing deals in ¥50 billion+ China oncology market
- Platform Validation: Certepetide’s versatility across imaging, ADCs, and direct therapy positions it as a pipeline‑in‑a‑molecule asset
- Next Steps: Kuva to integrate certepetide into NanoMark development pipeline; Catalent ADC program continues in parallel; Qilu to complete Phase II study by H2 2027
Forward‑Looking Statements
This brief contains forward‑looking statements regarding CVR payouts, clinical trial outcomes, and strategic value realization for certepetide. Actual results may differ due to clinical trial risks, NDA filing timelines, and partnership negotiations.-Fineline Info & Tech