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YM Biosciences Licenses Monoclonal Antibody to Daiichi
YM BioSciences Inc. has announced that its majority owned subsidiary, CIMYM BioSciences Inc., has licensed development and marketing rights in Japan for its anti-EGFR humanized antibody, nimotuzumab, to Daiichi Pharmaceutical Co., Ltd.
Under the agreement, CIMYM will receive an up-front payment of US$14.5 million and significant milestone payments at certain stages of development for each of a number of indications as well as payments based on supply of nimotuzumab and sales performance in the territory.
Daiichi will develop nimotuzumab for the Japanese market in several cancer indications.
"This is an exceptional agreement that provides nimotuzumab with the prospect of accessing the second largest pharmaceutical market in the world," said David Allan, Chairman & CEO of YM BioSciences.
"The license will result in a substantial broadening of the development and commercialization efforts directed to our anti-cancer antibody."
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