PRVB - Provention Bio teams up with Huadong Medicine to develop SLE therapy

Provention Bio (PRVB) has announced a partnership with a subsidiary of Huadong Medicine to develop and commercialize PRV-3279 in Greater China. The bispecific antibody-based molecule is currently undergoing development against systemic lupus erythematosus (“SLE”).The agreement with Hangzhou Zhongmei Huadong Pharmaceutical entitles Provention to receive an upfront payment of $6M and up to $11.5M in funding over the next three years to cover the expected R&D and manufacturing costs related to PRV-3279.While Huadong is responsible for the development and commercialization of PRV-3279 in Greater China, Provention will handle the development and commercialization in the rest of the world.The agreement also enabled Provention to receive milestone payments up to $172M subject to the satisfaction of regulatory and commercial objectives and low-to-mid double-digit royalties as a percentage of net sales for PRV-3279 in Greater China.The company plans to advance PRV-3279 in a Phase 2a trial for SLE in 2H 2021 after announcing positive

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Provention Bio teams up with Huadong Medicine to develop SLE therapy