BeyondSpring jumps on deal to commercialize cancer drug in China

Beyondspring

26/08/2021 16:30

** Shares of drug developer  BYSI.O  rise 13.8% to touch a
more than 3-year high of $28.73 
    ** BYSI enters agreement with Jiangsu Hengrui
Pharmaceuticals to commercialize and co-develop the former's
drug candidate, plinabulin, in Greater China  urn:newsml:reuters.com:*:nGNXFg6L8
    ** The drug is being reviewed by regulators in U.S. and
China for the treatment of neutropenia, or low white blood cell
count, caused by chemotherapy and is also being studied to treat
a type of lung cancer
    ** BYSI says its unit in China will grant Hengrui exclusive
rights to commercialize and co-develop plinabulin in the Greater
China, with Hengrui receiving a pre-determined percentage of the
net sales each quarter
    **  BYSI's unit will receive up to 1.3 billion yuan 
($200.55 million), including an upfront and milestone payment;
Hengrui is responsible for commercialization costs
    ** Hengrui will also make an equity investment of 100
million yuan ($15.43 million) in BYSI's unit
    ** Stock has more than doubled in value YTD

($1 = 6.4822 Chinese yuan renminbi)

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))