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Kazia Therapeutics (KZIA): Paxalisib Chinese Rights Licensed
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LONDON, UK / ACCESSWIRE / March 30, 2021 / Kazia (NASDAQ:KZIA) has announced it has signed an agreement for the Greater China rights to paxalisib with Simcere Pharmaceuticals. The deal includes an US$11m upfront (US$7m in cash, and US$4m in an equity investment), up to US$281m in milestone payments and royalties in the mid-teens. This is a key development for Kazia because not only does this payment help alleviate the near-term financing needs of the company, but the deal illustrates the potential value of this asset to partners.
We have increased our valuation US$215m or US$16.60 per basic ADR, from US$190 or US$15.02 per basic ADR. This increase is from the Simcere licensing deal (US$11m from upfront payments and US$14.1m from cash flows). This has reduced our expected future financing requirement to US$7m from US$14m previously.
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innovative. focused. agile. kazia therapeutics is an agile, oncology-focused biotechnology company, based in sydney, australia. we have two clinical staged drug development candidates and an early stage discovery program, across a range of oncology indications. our lead program is gdc-0084, a small molecule inhibitor of the pi3k / akt / mtor pathway, which is being developed to treat glioblastoma multiforme, the primary and most aggressive form of brain cancer. licensed from genentech in late 2016, gdc-0084 is anticipated to enter phase ii clinical trials in 2017. trxe-002-1, or cantrixil is kazia’s second drug development candidate under development as a treatment for ovarian cancer. the chemotherapeutic is currently undergoing a phase 1 clinical trial in hospitals across australia and the united states. initial data on this trial is expected to be reported early in 2018. kazia therapeutics is trading under the following tickers: asx: kza nasdaq: kzia for more information, please visi
