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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Leap Therapeutics Inc | NASDAQ:LPTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.16 | -4.97% | 3.06 | 3.06 | 3.25 | 3.2899 | 3.05 | 3.23 | 207,494 | 00:22:13 |
By Chris Wack
Leap Therapeutics Inc. (LPTX) shares rose 62% to $1.71 premarket after the company said it and BeiGene Ltd. (BGNE) were in an exclusive option and license agreement for the clinical development and commercialization of DKN-01, Leap's anti-Dickkopf-1 antibody, in Asia (excluding Japan), Australia and New Zealand.
Leap said it will retain exclusive rights for the development, manufacturing, and commercialization of DKN-01 for the rest of the world.
The company also said it entered into an agreement for a $27 million equity financing with BeiGene and two institutional investors.
Leap will receive an upfront cash payment of $3 million from BeiGene in exchange for granting BeiGene an option to an exclusive license to develop and commercialize DKN-01 in Asia (excluding Japan), Australia and New Zealand, and will be eligible to receive an additional payment from BeiGene upon BeiGene's exercise of the option following initial proof-of-concept studies.
Leap said it is eligible to receive payments from BeiGene based upon the achievement of certain development, regulatory, and sales milestones for a total deal value of up to $132 million, together with tiered royalties on any product sales of DKN-01 in the licensed territory. BeiGene also will make a $5 million equity investment in Leap as part of the $27 million equity financing.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 03, 2020 09:23 ET (14:23 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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