Terns Pharmaceuticals, Inc., and Hansoh Pharmaceutical Group Company Limited announced a collaboration and license agreement for the development and commercialization of TRN-000632, an investigational small molecule allosteric inhibitor of BCR-ABL for the treatment of chronic myeloid leukemia (CML), in China. Under the terms of the agreement, Terns will receive an upfront payment and will be eligible to receive development, regulatory and commercial milestones of up to $68 million, as well as royalties from future product sales. Hansoh will receive the exclusive rights to develop and commercialize TRN-000632 in Greater China.

Terns retains the right to develop and commercialize TRN-000632 in all other global markets.