LigaChem Biosciences receives near-term milestone payment for ‘LCB97’ from Japan’s Ono Pharmaceutical

CAR-T Digest - August 2020

19 Nov 2024: LigaChem Biosciences receives near-term milestone payment for ‘LCB97’ from Japan’s Ono Pharmaceutical

LigaChem Biosciences received a near-term milestone payment for its LCB97 (L1CAM-ADC) from ONO PHARMACEUTICAL in Japan, though the exact amount was undisclosed
The milestone payment is part of a technology transfer agreement signed in October 2024 between LigaChem Bio and ONO PHARMACEUTICAL, which includes an additional upfront signing fee already received
The total near-term milestone is expected to be paid over approximately one year, with further details disclosed upon invoicing
The payment will be recognized gradually and reflected in LigaChem Bio’s performance, similar to its previous agreement with Janssen for LCB84 (TROP2-ADC) in late 2023
LigaChem Bio and ONO PHARMACEUTICAL signed two agreements in October 2024, one for the LCB97 ADC drug and another for joint research and technology transfer using LigaChem Bio’s ConjuALL ADC platform
The terms of the agreement include up to USD 700 million in upfront payments, R&D, and sales milestones, with additional royalties based on net sales upon commercialization