Biocytogen Pharmaceuticals (Beijing) Co., Ltd. (HKEX: 02315), a China-based global biotech company focusing on the discovery and development of novel antibody therapeutics, announced on Monday that it has entered into an antibody evaluation, option and license agreement with Ona Therapeutics, a Spain-based biotech company specialised in unravelling novel biology to design biopharmaceuticals attacking advanced cancer.

Under the terms of the agreement, Biocytogen will grant Ona access to evaluate Biocytogen's proprietary RenMice-derived fully human antibodies against a specific tumour target, with an option to exclusively license selected antibodies for antibody-drug conjugate (ADC) development, manufacturing and commercialisation in mutually agreed indications and territories.

Biocytogen will receive an upfront payment for granting the option, and will be further entitled to an option-exercise fee, development and commercialisation milestone payments, as well as single-digit royalties on net sales once Ona elects to exercise the option in full.

Dr Yuelei Shen, Biocytogen president and CEO, said, 'As part of Project Integrum, Biocytogen has been discovering fully human antibodies against 200 TAA targets based on their internalisation activity. We are honoured that Ona, among other global biopharmaceutical companies, recognises the potential of our proprietary off-the-shelf antibodies. We believe Ona's deep understanding of novel mechanisms of resistance in advanced cancer and their capabilities in ADC design and development will accelerate the development of our antibodies into promising therapeutics.'

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