AskGene Pharma Signs a Patent Licensing Agreement
As a subsidiary of Aosaikang Pharm (SZ002755), Askgene Pharma (AskGene) signed a patent licensing agreement (Cross-License Agreement) with Xilio Therapeutics (Xilio), the news was announced on February 19, 2021.
Xilio Therapeutics is a biotechnology company developing potent, tumor-selective immunotherapies for patients with cancer located in Waltham, Massachusetts.
Askgene license Xilio in the development, production and commercialization of a specific product (The product) using its holdings of SmartKine technology (cytokine retrofit technology platform with global intellectual property rights) patents. Xilio pays Askgene a non-refundable down payment of $6 million for the patent license upon authorization, Xilio pays a non-refundable milestone payment to Askgene after the product is approved for listing overseas; and Xilio will also pay Askgene’s non-refundable sales commission from its annual net sales as agreed in the agreement. Askgene has acquired the right to develop, produce and commercialize this product for cancer treatment indications in the Asia Pacific region (except Japan). At the same time, the priority right to access autoimmune disease indications is retained. (Resource: http://www.cs.com.cn/sylm/jsbd/202102/t20210219_6139837.html)
This cooperation will accelerate the company’s research and development pipeline layout in the field of cancer immunity, promote the company’s own research and development platform to achieve product transformation, is conducive to jointly play the advantages of research and development of both sides and promote the company’s internationalization, in line with the company’s innovative drug development.