Struggling Oncolytics Biotech signs $86.6M Asia deal with China's Adlai Nortye
Calgary, Canada-based Oncolytics Biotech has struck an $86.6 million licensing deal with China’s Adlai Nortye for its IV immuno-oncolytic virus. Paying $5.3 million upfront with the prospect of another $16 million in short-term cash available, Adlai gained development and commercialization rights to Reolysin (pelareorep) in China, Hong Kong, Macau, Singapore, South Korea and Taiwan.
The Hangzhou-based biopharma agreed to two potentially quick payouts, with $8 million for equity and then another $7.9 million if Oncolytics can hit its marks on certain regulatory advancements. Upon achievement of the full slate of clinical, regulatory and commercialization milestones, Oncolytics can receive up to an additional $65.4 million.
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