Jemincare announced that it and its wholly owned subsidiary company, Shanghai Jemincare Pharmaceutical Co. Ltd., have entered into an exclusive worldwide license agreement with Roche and Genentech, a member of the Roche Group, for the development and commercialization of its androgen receptor degrader, JMKX002992. Under the terms of the agreement, Genentech will be granted an exclusive license to develop and commercialize the degrader worldwide, and will be fully responsible for the development and commercialization costs.
In return, Genentech will pay Jemincare a USD 60 million upfront payment. Jemincare is also entitled to receive up to USD 590 million in additional payments upon achievement of certain development, regulatory and sales-based milestone targets. Jemincare is also entitled to receive tiered royalties on net sales.
JMKX002992 is a novel oral degrader of the androgen receptor, a confirmed disease driver in prostate cancer. JMKX002992 has the potential to treat patients with prostate cancer who have developed resistance to current therapies.