C4 Therapeutics rises on cancer treatment deal with Betta Pharma
30/05/2023 15:08
** Shares of drug developer C4 Therapeutics Inc CCCC.O
rise 7.1% to $3.3
** Co and China-based Betta Pharmaceuticals Co Ltd
300558.SZ announce licensing agreement for the development and
commercialization of co's cancer treatment CFT8919 in Greater
China
** Under the terms of the agreement, CCCC expects to receive
$35 mln, which includes $10 mln in upfront cash as well as a $25
mln one-time equity investment
** Additionally, CCCC is eligible for up to $357 mln in
potential milestones and low to mid-double-digit percent
royalties on net sales in licensed territories
** Betta to develop, manufacture and commercialize CFT8919
in Greater China and is eligible to receive low single-digit
percent royalties on net sales outside of Greater China
** CCCC retains the right to develop and commercialize
CFT8919 in all territories outside of Greater China
** Shares of CCCC down ~44% YTD
(Reporting by Sriparna Roy in Bengaluru)
((Sriparna.Roy@thomsonreuters.com;))