Polyphor and Shanghai Fosun Pharmaceutical represented by their Swiss subsidiary Fosun Pharmaceutical, have concluded an exclusive license agreement for Balixafortide for the development and marketing of Balixafortide in the Chinese market, with the focus initially on the indication for metastatic breast cancer lies.
Balixafortide is a potent and highly selective blocker of CXCR4 and is currently the only CXCR4 antagonist in phase 3 development for a solid tumor. The projections assume that China will be the second largest market for breast cancer treatments in the world. Both companies will jointly evaluate further cancer indications and combination therapies.
As part of the agreement, Polyphor will receive an upfront payment of USD 15 million, additional milestone payments for steps in development achieved of up to USD 19 million, sales-related milestone payments of up to USD 148 million and additional royalties on sales. The agreed license fees start in the low double-digit percentage range and rise to the mid-tens, based on the net sales generated in China.