Adlai Nortye (NASDAQ:ANL) said it has entered into an exclusive licensing agreement with ASK Pharm for the development and commercialization of its proprietary pan-RAS (ON) inhibitor, AN9025, in Greater China.
Under the terms of the agreement, ASK Pharm will receive exclusive rights to develop, manufacture, and commercialize AN9025 in mainland China, Hong Kong, and Macao.
Adlai Nortye will retain worldwide rights to the compound outside the licensed territory.
The deal carries total potential consideration of up to RMB1.6 billion, or about $230 million, including an upfront payment and near-term milestone payments exceeding $20 million.
Adlai Nortye is also eligible to receive tiered royalties ranging from the high single digits to the mid-teens as a percentage of net product sales in the licensed territory.
AN9025 is a pan-RAS (ON) inhibitor designed to target RAS-driven cancers, an area of intense research interest given the high prevalence of RAS mutations across multiple solid tumors.
Adlai Nortye said the partnership allows it to advance development in China while maintaining global strategic flexibility for the asset.
Adlai Nortye trades on the Nasdaq under the ticker ANL.