CASI - Casi Pharmaceuticals stock rises on license/equity stake deal with China's Tianshi

Casi Pharmaceuticals (NASDAQ:CASI) is granting Beijing Tianshi Tongda Pharmaceuticals Technology an exclusive, perpetual, worldwide license for CID-103 for autoimmune diseases. Under the sublicense agreement, Casi will maintain the exclusive commercialization and co-marketing rights of CID-103 in autoimmune indications and book all revenue in the U.S.. Casi has the co-commercial rights in autoimmune-derived hematology and oncology indications of CID-103 in China, but not obligated to co-commercialize those programs. Tianshi agreed to pay Casi $10M upfront in two instalments, and certain future milestone and royalty payments. After the agreement is executed, Tianshi will complete its first equity financing. Casi said that, through its Chinese subsidiary, it will hold 15% equity stake in Tianshi for RMB20M. Tianshi is expected to receive RMB120M from two venture capital investors. CASI +8.09% to $0.41 premarket May 24

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Casi Pharmaceuticals stock rises on license/equity stake deal with China's Tianshi