The companies are also collaborating to develop another oncology candidate, tislelizumab, with Novartis securing development and commercialization rights in North America, Europe, and Japan.
Price Action: BGNE shares are down 2.71% at $187.32 on the last check Tuesday.
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BeiGene Limited (NASDAQ:BGNE) shares are trading lower after the company mutually agreed to terminate a licensing deal with Novartis A/S (NYSE:NVS) and regained global rights to develop, manufacture and commercialize ociperlimab.
In December 2021, BeiGene entered into an option, collaboration, and license agreement, under which BeiGene granted Novartis an exclusive time-based option to receive an exclusive license to develop, manufacture and commercialize the company’s investigational TIGIT inhibitor ociperlimab in certain territories.
Under the terms of the agreement, Novartis agreed to make an upfront payment of $300 million. A fee of up to $700 million would be paid to BeiGene if the option is exercised before late 2023.
In addition, following the option exercise, BeiGene was eligible to receive up to $745 million upon achieving regulatory approval milestones, $1.15 billion upon achieving sales milestones, and royalties on future sales of ociperlimab in the licensed territory.
