ALLO - Allogene Overland Pharma in cancer therapy pact for China with $117M backing

Allogene Therapeutics (ALLO) up 5% in premarket and Overland Pharmaceuticals have joined to form Allogene Overland Biopharm, a joint venture focused on the development, manufacturing and commercialization of therapy for blood cancers and solid tumors in China, Taiwan, South Korea and Singapore.Overland, Backed by Hillhouse Capital, will invest $117M in capital, which includes an upfront payment of $40M to Allogene and $77M to support the operations.Allogene will be eligible to receive a milestone payment, as well as tiered royalties on net sales.Overland will provide development and operational support while Allogene will provide technical and manufacturing expertise.Last week, Allogene shares witnessed a drop as its cancer therapy data failed to impress at ASH presentation.

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Allogene, Overland Pharma in cancer therapy pact for China with $117M backing