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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