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The initial phase of the strategic collaboration will focus on ongoing research programs, with the potential for additional programs. In return, Harbour BioMed will receive an upfront payment, near-term milestone payments, and option exercise fees for additional programs, totaling $175 million, as well as up to $4.4 billion in additional development and commercial milestone payments, along with tiered royalties on future net sales. Additionally, the parties have the option to include additional programs into the collaboration over the next five years, with the option to extend the terms of the agreement for an additional five years upon mutual agreement.
Furthermore, AstraZeneca will acquire 9.15% newly issued shares of Harbour BioMed.
To support the collaboration programs under this agreement and other joint initiatives between the two parties, Harbour BioMed will establish an innovation center in Beijing, China to be co-located with AstraZeneca.
Jingsong Wang, MD, PhD, Founder, Chairman, and CEO of Harbour BioMed, commented: "This strategic collaboration with AstraZeneca marks a significant step in advancing next-generation antibody therapeutics, reinforcing Harbour BioMed's position as a leader in multi-specific biologics innovation. By leveraging our cutting-edge discovery capabilities and AstraZeneca's expertise in drug development, we aim to accelerate the creation of transformative therapies for patients with high unmet medical needs."
About Harbour BioMed
Harbour BioMed (HKEX: 02142) is a global biopharmaceutical company committed to the discovery, development, and commercialization of novel antibody therapeutics focusing on immunology and oncology. The company is building its robust portfolio and differentiated pipeline through internal R&D capability, collaborations with co-discovery and co-development partners, and select acquisitions.
The proprietary antibody technology platform Harbour Mice® generates fully human monoclonal antibodies in two heavy and two light chains (H2L2) format, as well as heavy chain only (HCAb) format. Building upon the HCAb antibodies, the HCAb-based immune cell engagers (HBICE®) bispecific antibody technology is capable of delivering tumor-killing effects unachievable by traditional combination therapies. Integrating Harbour Mice®, and HBICE® with a single B cell cloning platform, our antibody discovery engine is highly unique and efficient for the development of next-generation therapeutic antibodies. For further information, please refer to www.harbourbiomed.com.