ROCKVILLE, Md. and
SUZHOU, China, July 3, 2024
/PRNewswire/ -- Ascentage Pharma (6855.HK), a global
biopharmaceutical company engaged in discovering, developing and
commercializing both first-in-class and best-in-class therapies for
hematological malignancies, announced today that on July 2, 2024, in relation to the Exclusive Option
Agreement with Takeda for the third-generation BCR-ABL inhibitor
olverembatinib (HQP1351), Ascentage Pharma has received the
US$100 million option payment called
for by the Exclusive Option Agreement.
On June 14, 2024, Ascentage Pharma
and Takeda entered into an Exclusive Option Agreement that granted
Takeda an exclusive option to enter into an exclusive license
agreement for olverembatinib. The Exclusive Option Agreement calls
for Ascentage Pharma to receive an option payment of US$100 million and provides for Ascentage Pharma
to be eligible for an option exercise fee and additional potential
milestone payments of up to approximately US$1.2 billion and double-digit royalties on
annual sales.
About Ascentage Pharma
Ascentage Pharma (6855.HK) is a fully integrated global
biopharmaceutical company engaged in discovering, developing and
commercializing both first-in-class and best-in-class therapies to
address global unmet medical needs primarily in hematological
malignancies. On October 28, 2019,
Ascentage Pharma was listed on the Main Board of the Stock Exchange
of Hong Kong Limited with the stock code 6855.HK.
Ascentage Pharma has built a pipeline of 9 clinical-stage drug
candidates, including novel, highly potent Bcl-2, and dual
Bcl-2/Bcl-xL inhibitors, as well as candidates aimed at IAP and
MDM2-p53 pathways, and next-generation TKIs. Ascentage Pharma is
also the only company in the world with active clinical programs
targeting all three known classes of key apoptosis regulators. The
company is conducting more than 40 clinical trials, including 6
global registrational Phase III studies, in the US, Australia, Europe, and China.
Olverembatinib, the company's first lead asset developed for the
treatment of drug-resistant chronic myeloid leukemia (CML) and the
company's first approved product in China, has been granted Priority Review
Designations and Breakthrough Therapy Designations by the Center
for Drug Evaluation (CDE) of China National Medical Products
Administration (NMPA). To date, the drug had been included into the
China National Reimbursement Drug List (NRDL). Furthermore,
olverembatinib has been granted Orphan Drug Designations (ODDs) and
a Fast Track Designation (FTD) by the US FDA, and an Orphan
Designation by the EMA of the EU.
To date, Ascentage Pharma has obtained a total of 16 ODDs from
the US FDA and 1 Orphan Designation from the EMA of the EU for 4 of
the company's investigational drug candidates. Leveraging its
robust R&D capabilities, Ascentage Pharma has built a portfolio
of global intellectual property rights and entered into global
partnerships with numerous leading biotechnology and pharmaceutical
companies such as Takeda, AstraZeneca, Merck, Pfizer and Innovent;
and research and development relationships with leading research
institutions such as Dana-Farber Cancer Institute, Mayo Clinic, MD
Anderson Cancer Center, National Cancer Institute and the
University of Michigan.
The company has built a talented team with global experience in
the discovery and development of innovative drugs and is setting up
its world-class commercial manufacturing and Sales & Marketing
teams. One pivotal aim of Ascentage Pharma is to continuously
strengthen its R&D capabilities and accelerate its clinical
development programs, in order to fulfil its mission of addressing
unmet clinical needs in China and
around the world for the benefit of more patients.
Forward-Looking Statements
The forward-looking statements made in this article relate only
to the events or information as of the date on which the statements
are made in this article. Except as required by law, Ascentage
Pharma undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events, or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events. You
should read this article completely and with the understanding that
our actual future results or performance may be materially
different from what we expect. In this article, statements of, or
references to, our intentions and expectations or those of any of
our Directors or our Company are made as of the date of this
article. Any of these intentions and expectations may alter in
light of future development.
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SOURCE Ascentage Pharma
