Lee's Pharm Acquires China Rights to Cancer mAb from Sorrento in $50 Million Deal

Lee's Pharm in-licensed China rights to a immune-oncological anti-PD-L1 monoclonal antibody from Sorrento Therapeutics of San Diego. Although the drug candidate is in pre-clinical development, Lee's says it expects to start a China Phase I trial of STI-A1014 in 2015. Lee's made an unspecified upfront payment, and will be liable for up to $46 million in milestones plus royalties on revenues, which range from high-single to double digits. Lee's will also purchase $3.6 million in Sorrento's stock at a "substantial" premium to the current market price. More details.... Stock Symbol: (HK: 0950) (NSDQ: SRNE) Share this with colleagues: // //