On May 5, 2021, Kindred Biosciences, Inc. and Elanco US Inc. entered into an exclusive license and collaboration agreement granting Elanco exclusive global rights to KIND-030, a monoclonal antibody targeting canine parvovirus. Under the terms of the License Agreement, KindredBio will receive development milestone payments of up to $16 million upon achievement of certain development, regulatory and manufacturing targets, and sales milestones in an aggregate amount of up to $94 million payable throughout the term of the License Agreement. Furthermore, royalty payments range from the low to high teens. KindredBio previously received an upfront payment of $500,000 pursuant to the Letter Agreement. The License Agreement specifies that KindredBio will supply the licensed product to Elanco, and that Elanco will conduct the necessary regulatory activities to achieve approvals in Europe and other key international markets. KindredBio and Elanco shall collaborate in the development of the licensed product pursuant to development plans reviewed by a joint steering committee. Elanco shall be responsible for all aspects of the commercialization of the licensed product.