CASI - CASI Pharma and Cleave Therapeutics strike a licensing agreement for CB-5339

CASI Pharmaceuticals (CASI) and Cleave Therapeutics have agreed to jointly develop and commercialize CB-5339, a novel VCP/p97 inhibitor, in mainland China, Taiwan, Hong Kong, and Macau.CASI is responsible for development and commercialization in China and related markets and will pay $5.5M in upfront payments for Cleave which is also eligible to receive up to $74M in milestone payments plus tiered royalties in the high-single to mid-double-digit range on net sales.Also, CASI will invest $5.5M in Cleave through a convertible note.Last December, the company announced that the Chinese authorities granted the Breakthrough Therapy Designation for CNCT19, CD19 CAR-T therapy developed by its partner Juventas Cell Therapy for the treatment of adults with relapsed/refractory B-cell acute lymphoblastic leukemia.

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CASI Pharma and Cleave Therapeutics strike a licensing agreement for CB-5339