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news.YM BioSciences' majority owned subsidiary Cimym BioSciences has licensed development and marketing rights in Japan for nimotuzumab to Daiichi Pharmaceutical, a wholly owned subsidiary of Daiichi Sankyo.
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Under the agreement, Cimym will receive an up-front payment of $14.5 million and significant milestone payments at certain stages of development for each of a number of indications as well as payments based on supply of nimotuzumab and sales performance in the territory.
Daiichi will develop nimotuzumab, an anti-EGFR humanized antibody, for the Japanese market in several cancer indications.
“This is an exceptional agreement that provides nimotuzumab with the prospect of accessing the second largest pharmaceutical market in the world. The license will result in a substantial broadening of the development and commercialization efforts directed to our anticancer antibody,” said David Allan, chairman & CEO of YM BioSciences.
In July, nimotuzumab was approved in India for the treatment of head and neck cancer. It is also being evaluated in various different countries in a variety of cancer indications, including pediatric gliomas, non-small cell lung cancer and pancreatic cancer.