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On January 8, 2025, Climb Bio, Inc. (the "Company") entered into a technology transfer and exclusive license agreement (the "Agreement") with Beijing Mabworks Biotech Co., Ltd. ("Mabworks"), pursuant to which Mabworks granted to the Company (1) an exclusive (even as to Mabworks and its affiliates), sublicensable right and license under certain patent rights and related know-how (the "Licensed Intellectual Property") to develop, manufacture and commercialize Mabworks' proprietary antibodies associated with Mabworks' proprietary antibody program identified as MIL116 (the "Licensed Compounds" or "CLYM116") and products containing the Licensed Compounds ("Licensed Products") outside of China, Hong Kong, Macau, and Taiwan (the "Licensed Territory"), (2) a non-exclusive, sublicensable right and license under the Licensed Intellectual Property to manufacture the Licensed Compounds and Licensed Products in China, Hong Kong, Macau, and Taiwan (the "China Territory") and (3) a non-exclusive, sublicensable right and license under the Licensed Intellectual Property to develop the Licensed Compounds and Licensed Products in the China Territory in connection with certain global clinical studies (as described below).
Under the terms of the Agreement, the Company is obligated to pay to Mabworks a $9.0 million upfront payment, a total of up to $30.0 million upon the achievement of certain development and regulatory milestones pertaining to the first indication for a Licensed Product, additional lower amounts upon the achievement of certain development and regulatory milestones pertaining to up to two additional indications for a Licensed Product and a total of up to $832 million upon the achievement of certain commercial milestones for all Licensed Products. In addition, the Company is obligated to pay Mabworks tiered royalties in the low-to mid-single-digit percentages on aggregate annual net sales of all Licensed Products in the Licensed Territory.
Posted In: CLYM
