El­e­va­tion On­col­o­gy dips its toes in­to AD­Cs, adding sec­ond drug to its bag. But is it pit­ting it­self against Bris­tol My­ers?

As in­ter­est grows in an­ti­body drug con­ju­gates, an­oth­er small play­er is jump­ing in­to the space with sights set on an in­creas­ing­ly pop­u­lar tar­get.

On Wednes­day, El­e­va­tion On­col­o­gy li­censed an ADC for gas­tric and pan­cre­at­ic can­cer from Chi­nese biotech CSPC Mega­lith Bio­phar­ma­ceu­ti­cal. The deal gives El­e­va­tion rights to de­vel­op the drug out­side of Chi­na, Tai­wan, Hong Kong, and Macau. CSPC Mega­lith will get $27 mil­lion up­front, with an ad­di­tion­al $148 mil­lion in fu­ture mile­stones.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER