CGEM - Cullinan to pay $25M upfront to license Harbour's potential tumor drug

• Cullinan Oncology ( NASDAQ: CGEM ) signed a licensing agreement  to develop and commercialize Harbour BioMed's tumor therapy HBM7008 (CLN-418) in the U.S.
• Cullinan said CLN-418/HBM7008 is a B7H4 x 4-1BB bispecific immune activator developed from next-gen heavy chain only antibody (HCAb)-based multi-specific antibody discovery platform HBICE.
• The drug is currently in a phase 1 trial being conducted at U.S. and Australian sites in patients with advanced solid tumors.
• Under the agreement, Cullinan will pay Harbour $25M upfront at closing for the transaction. Harbour will be eligible to receive up to $148M in development and regulatory milestones plus up to an additional $415M in sales-based milestones plus royalties up to high teens on potential U.S. sales.
• "Importantly, this transaction adds another clinical-stage asset to our portfolio, and with it, we are on track to have potentially six clinical stage assets in our pipeline by the end of 2023," said Cullinan CEO Nadim.

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