BeiGene Will Not Go Forward With Licensing Pact For Leap Therapeutics' Lead Cancer Candidate - Leap Therapeutics (NASDAQ:LPTX)

Leap Therapeutics Inc LPTX announced BeiGene Ltd's BGNE option under the Exclusive Option, and License Agreement granting rights in certain Asian territories to DKN-01 has expired.
The companies announced an option agreement in January 2020 for DKN-01 in Asia (excluding Japan), Australia, and New Zealand.
Leap and BeiGene will continue collaborating on Part C of the DisTinGuish trial, a randomized controlled trial of DKN-01 combined with BeiGene's tislelizumab and chemotherapy in first-line gastric cancer patients, as a clinical collaboration with BeiGene supplying tislelizumab.
Enrollment in the 160-patient study is expected to be completed in late 2023.
Related: Leap Therapeutics Says DKN-01 Combo Regime Show Compelling Efficacy In Gastric Cancer Patients.
"With global rights to DKN-01 and a cash runway that was enhanced into mid-2025 by our recent acquisition of Flame Biosciences, we will look to identify a new strategic partner as we generate new clinical data from our ongoing studies in first-line gastric cancer patients, second-line colorectal cancer patients, and an investigator-sponsored study in endometrial cancer patients," said Douglas E. Onsi, President & CEO of Leap.
Earlier this month, Leap Therapeutics agreed to acquire Flame Biosciences Inc, a privately-held biotechnology company, in an all-stock transaction.
Price Action: LPTX shares are down 13.2% at $0.38 on the last check Friday.