Gelonghui January 25 | 3D MEDICINES (01244.HK) announced that Siludi Pharmaceutical and Jiangsu Corning Jerry (“Licensee”) and Glenmark (“Licensee”) entered into a license agreement on January 24, 2024. Based on this, the licensor agreed to grant Envolimab (also known as “KN035”) (trade name: Envida)) (A recombinant humanized single-domain antibody against PD-L1 developed by the Group in collaboration with Corning Jerry Group) exclusive licensing and sub-licensing for oncology indications to (including) (a) the development of envolimab in India, Asia Pacific (excluding Singapore, Thailand and Malaysia), the Middle East and Africa, Russia, the Commonwealth of Independent States, and Latin America (the “Region”) to commercialize envolimab in all areas of tumor use (“field”) in the region; and (b) commercialization of envolimab in related fields within the region, subject to the terms and conditions of the license agreement. The licensee will bear the costs and expenses associated with the development and commercialization of envolimab in this field within the region.
Under the license agreement, the licensor will collect from the licensee (a) non-refundable advance payments totaling up to $708 million and milestone payments depending on certain milestones in development, regulation and commercialization; and (b) royalty fees based on the number of units to a double digit percentage of the net sales level of envolimab. The licensors' respective rights to receive payments (including advance payments, milestone payments and royalties) under the license agreement are subject to the agreement between Siludi Pharmaceuticals and Jiangsu Corning Jerry. Jiangsu Corning Jerry reserves the exclusive right to produce envolimab for any purpose within and outside the region. Siludi Pharmaceuticals reserves the right to develop and commercialize envolimab for any purpose in this field outside of this region.
The company believes that this cooperation will effectively utilize Glenmark's existing team and resources to quickly establish an advantageous market position for envolizumab in the region, and that the implementation of the license agreement will have a positive impact on the commercialization of envolizumab in the region.