OncoVent Co., Ltd. entered into a license agreement with Orient EuroPharma Co., Ltd. According to the terms of the agreement, OncoVent agreed to grant exclusive rights to OEP, which will be responsible for the commercialization of oregovomab, an immunotherapy drug candidate, in Taiwan, including related regulatory applications and necessary clinical trials. OncoVent is entitled to a number of payments from OEP under the license agreement, including a one-off non-refundable upfront payment upon the effective date of the license agreement, multiple regulatory milestone payments, and multiple commercial milestone payments, in a total transaction amount of up to $11.2 million. OEP also agreed to purchase oregovomab from OncoVent at a price equal to an agreed percentage to the average sale price of oregovomab in Taiwan.

In addition, OncoVent granted OEP the right of first refusal for the exclusive sales, marketing, and distribution right in Hong Kong and Macau.